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European shares rise, led by banks and autos
Published in Saudi Press Agency on 17 - 07 - 2009


European shares rose by
midsession on Friday, extending a winning streak to five days,
with automakers rising and banks gaining as Bank of America
continued the trend of strong second-quarter earnings, Reuters reported.
At 1109 GMT, the FTSEurofirst 300 index of top European
shares was up 0.6 percent at 872.40 points after hitting its
highest closing level in a month on Thursday.
The index is up more than 35 percent from its lifetime low
of March 9, as investors have become more confident on the
prospects of recovery.
It has risen 7.1 percent this week, on track to post its
best weekly gain since late November last year.
"The catalyst has been the Q2 earnings, mainly Goldman Sachs
and Intel," said Philip Lawlor, strategist at Nomura, in
London. "Before that people, had been worried that the green
shoots weren't really coming through."
"What we've seen is the return of risk appetite. There's
more confidence that analysts estimates won't be out by a wide
margin."
Bank of America said second-quarter revenue rose 60 percent.
Other U.S. companies to report strong second-quarter
eearnings this week included JP Morgan and IBM.
On Friday, General Electric Co said profit fell by almost
half on a deeper drop in revenue than Wall Street expected, as
the slump that has gripped its finance and media businesses took
hold of its heavy industrial units.
Back in Europe, banks were among the top gainers.
BNP Paribas, Barclays, HSBC and Societe Generale were up
between 1.4 and 2.2 percent.
Swedbank reversed earlier losses to trade up 10 percent
despite posting a bigger-than-expected second quarter operating
loss, hurt by huge provisions for souring credits in the
recession-hit Baltic region.
The DJ Stoxx Banking Index has risen more than 10 percent
this week.
Automakers also extended gains from recent days.
Daimler rose 2.5 percent, after Goldman Sachs reiterated its
"conviction buy" rating and lifted its price target to 38 euros
from 35 euros.
BMW rose 2.5 percent after Nomura upgraded it to "neutral".
Oils were higher with crude little changed just below $62 a
barrel. BG, BP and Total were up between 0.9 and 2 percent.
Among miners, Anglo American, Antofagasta, BHP Billiton, Rio
Tinto and Xstrata were up between 2 and 5.2 percent.
Across Europe, Britain's FTSE 100, Germany's DAX and
France's CAC 40 each gained 0.9 percent.
UBS lifted its year-end target for the FTSEurofirst 300 to
1,000 from 900, or an increase of nearly 15 percent from the
current level, as it expected a turn in the earnings cycle.
British Airways rose 5.9 percent as the market responded
well to plans to raise around 600 million pounds ($1 billion)
through a combination of bondholder debt and bank credit.
On the downside, French group Accor sank 7.8 percent after
it posted a 9 percent drop in second quarter sales as the
economic crisis weighed on its hotel business.
Carrefour, the world's second-biggest retailer behind U.S.
group Wal-Mart, was down 3 percent. After the market closed on
Thursday, the company said second-quarter sales fell 1.2
percent, hurt by weaker western European markets, lower petrol
prices and exchange rates.


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