European shares edged higher today to extend recent gains into a sixth straight session, buoyed by Asian market strength overnight, with volumes likely to fall and volatility rise later as US markets are closed for a national holiday.
Comments from ratings agency Standard & Poor's that a debt rollover plan for Greece would be deemed a "selective default" weighed on sentiment in early trade.
"The primary concern with the Greek situation is the rolling of the debt, and how much time we've actually bought ourselves in the interim. The comments (from S&P) don't really help," said a London-based trader at a US investment bank.
The FTSEurofirst 300 was up 0.1 per cent at 1,119.90 points by 0710 GMT, after bumper US manufacturing sector data on Friday eased concerns about slowing growth in the world's biggest economy and pushed the index to a one-month closing high.
The early gains in Europe were well-supported by gains overnight in Asia, after Chinese and Japanese shares rose 1.6 per cent and 1 per cent, respectively.
Reuters
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