European shares rose on Wednesday after Asian shares hit a three-year peak, with investors looking to see if U.S. employment figures continue a run of upbeat data that has driven Wall Street to record highs, Reuters reported. Economic indicators in most regions are pointing to a pick-up in production and offering support to equities despite stretched valuations. The pan-European FTSEurofirst 300 equity index was up 0.3 percent at 0809 GMT, while German bund futures were trading broadly flat. France bucked the broadly positive trend in Europe, with the blue-chip CAC 40 index dragged down by telecoms groups after Orange said it had ditched plans to take part in any domestic tie-ups. Investors were focused on the ADP private-sector survey due at 1215 GMT along with a speech from U.S. Federal Reserve head Janet Yellen at 1500 GMT. Her recent dovish bias, especially after the latest Fed meeting, has been a major factor that has led investors to cut favourable positions in the dollar. The dollar index was steady at 79.847, not far from a low of 79.740 struck on Tuesday. Overnight, Asian stocks had scored a three-year peak after a round of upbeat global economic data whetted risk appetites and helped Wall Street taste all-time highs. Dealers said fund managers were rotating money out of bonds and into equities for the start of the second half of the year, nudging up U.S. Treasury yields.
