European shares hit six-week high after Greek vote

jueves 16 de julio de 2015 04:09 GYT

* FTSEurofirst 300 up 1 pct, Euro STOXX 50 up 1.2 pct

* Alfa Laval surges after earnings announcement

* Swatch Group gains on upbeat full-year outlook

By Atul Prakash

LONDON, July 16 (Reuters) - European shares climbed to a six-week high on Thursday after the Greek parliament passed strict austerity measures demanded by its lenders to open talks on a new bailout package to keep Greece in the euro.

In exchange for funding worth up to 86 billion euros ($94 billion), Greece has accepted reforms including significant pension adjustments, higher value added taxes, an overhaul of its collective bargaining system, measures to liberalise its economy and tight limits on public spending.

"The Greek vote has helped the market post early gains. Over the next few weeks, we see the focus shifting to the results season where we expect the newsflow to be supportive," Robert Parkes, director of equity strategy at HSBC Bank, said.

"Our forecast for Europe ex-UK earnings growth in 2015 is 25 percent, more than double the consensus expectation."

The second-quarter earnings season gathered pace in Europe, with shares in Swedish engineering group Alfa Laval surging 7.6 percent after posting a bigger than expected rise in the quarter core earnings.   Continuación...