European shares steady, Credit Suisse up on encouraging results

jueves 23 de julio de 2015 07:14 GYT

* Pan-European FTSEurofirst 300 index steadies

* Credit Suisse gains after profits beat forecasts

* Earnings season gathers pace, outlook positive

By Liisa Tuhkanen and Atul Prakash

LONDON, July 23 (Reuters) - European equities steadied on Thursday, as earnings upgrades lifted shares such as Credit Suisse while disappointing results hit others including Aberdeen Asset Management and SSE.

The FTSEurofirst 300 index of top European shares was down 0.05 percent at 1,585.59 points by 1028 GMT. The benchmark index had fallen 0.6 percent in the previous session, dragged lower by tech stocks after Apple Inc's revenue forecast fell short of estimates.

Credit Suisse rose 6.7 percent, the top gainer in the FTSEurofirst 300 index and on track for its biggest one-day percentage gain since March. It had earlier posted better-than expected earnings and improvements to its capital cushion ahead of a strategy shake-up under its new chief executive.

"The Q2 results season is up and running and the early indications are positive," said Robert Parkes, equity strategist at HSBC. "We believe there is plenty more to come and see the improving global business cycle taking over from currency as the key driver of earnings in 2016."

Power and automation firm ABB rose 3 percent after its net profit beat analysts' expectations, while Unilever added 2.3 percent after reporting better sales than forecast.   Continuación...