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LONDON, Oct 27 (Reuters) - Euro zone banks led a rally in European shares on Monday after the results of the region's banking sector health checks painted a brighter picture than many investors had expected.
The Euro STOXX banking index rose 2 percent as investors gave a thumbs-up to the European Central Bank's health check of euro zone banks, describing it as a step in the right direction rather than the final word on the state of the bloc's financial system.
Roughly one in five of the euro zone's top lenders failed landmark health checks at the end of last year but most have since repaired their finances, the ECB said on Sunday.
"One good sign was that a big part of the required capital was already raised," said Francois Savary, chief investment officer at Swiss bank Reyl. "All in all, a positive development."
Portugal's largest listed bank, Millennium bcp, which failed the health checks, surged 7 percent after saying it has already taken measures in 2014 and does not need to raise capital or sell strategic assets. (Reporting By Francesco Canepa, editing by Tricia Wright)