European shares finished up for the fifth straight session and hit an 11-month closing high.
The weakness of the dollar underpinned shares of natural resource companies, including energy producers and miners. The US currency dollar has been close to its lowest against the euro this year; that has helped keep gold prices near the one thousand dollars an ounce level. Oil prices rose as the falling dollar spurred investors to buy commodities as a hedge against inflation. Carmakers were among the top performers. Renault was boosted by its boss Carlos Ghosn said in a newspaper interview that “the financial crisis is clearly behind us.” BMW rose as various analysts talked it up. Banks also did well. Commerzbank gained over 11 percent as it said it will immediately repay five billion euros of government debt guarantees. Commerzbank’s chief executive Martin Blessing said he still expects the bank to reach its profit targets. Standard Chartered, HSBC, Barclays, Societe Generale, Credit Agricole and Swedbank all rose.