European shares were today led to their highest levels in nearly two-and-a-half years after industry bellwether Intel boosted its quarterly revenue outlook.
By 8:07 a.m., the FTSEurofirst index of 300 leading European shares was 0.2 per cent higher at 1,040.78 points - its highest level since July 2002.
"Intel's revenue outlook was much better than expected. This is a sector driven by demand and volumes and margins will follow," said Mr Alan Bokobza, European equity strategist at SG Securities in Paris, adding that European chip makers would benefit from Intel's outlook.
The tech sector was up 0.6 per cent, with Dutch chip maker ASML putting on 2.8 per cent and STMicroelectronics gained 2.1 per cent.
Separately, dealers said CSFB is selling a €472.5 million stake STMicro. They added that the 30 million share stake sale - at €15.75 per share - may be on behalf of France Telecom. CSFB declined to comment.
Shares in Swiss engineering group ABB plunged 11 per cent to 6.28 Swiss francs, however, after a US appeals court unexpectedly rejected its bid for a $1.2 billion asbestos settlement, which sent its US listed ADR shares down as much as 14 per cent.
The unemployment figures due at 1:30 p.m. will be key as markets brace for a much better-than-expected report and economists expect a rise of around 275,000 compared to earlier estimates of a 180,000 increase.