June 24 (Reuters) – European shares rose in early trade on Thursday, with miners leading on hopes that proposals for a super tax in Australia will be diluted after a change of prime minister.
Stocks | Global Markets
At 0706 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.3 percent at 1,043.16 points, after falling 1 percent in the previous session.
Miners gained on hopes that Australia’s new leader, Julia Gillard, will compromise on proposals for increased taxes on resource companies.
Antofagasta (ANTO.L), BHP Billiton (BLT.L), Kazakhmys (KAZ.L) and Xstrata (XTA.L) rose between 0.8 and 1.2 percent.
“It seems to be more confirmation that any plans for a 40 percent resources tax have been watered down significantly,” said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin.
“The market is still in a range, and maybe it can trade towards the top of it. ”
The U.S. Federal Reserve renewed its vow to hold benchmark interest rates exceptionally low on Wednesday, but downgraded its assessment of the economic recovery. (Reporting by Brian Gorman)