European shares rise as SocGen surges and car stocks rally

miércoles 5 de agosto de 2015 10:24 GYT

* FTSEurofirst 300 up 1.1 pct

* SocGen jumps after Q2 results

* Greek shares fall but Pictet ups European stocks exposure

By Liisa Tuhkanen

LONDON, Aug 5 (Reuters) - European shares rose on Wednesday with Societe Generale surging as the French bank became the latest major company in the region to post forecast-beating earnings.

European carmakers, which fell in late July on concerns about a slowdown in their important Chinese market, also rallied, with Renault rising after Exane BNP Paribas increased its price target on the stock.

Technology stocks were steady after weakening in the previous session following a slide in Apple shares, but Greek stocks were down for a third straight day with Athens still seeking a new bailout deal.

Societe Generale rose 8.8 percent, making it the best performer in percentage terms on the pan-European FTSEurofirst 300 index, which advanced 1.1 percent. The euro zone's blue-chip Euro STOXX 50 index rose 1.4 percent.

SocGen reported better-than-expected earnings and targeted a slightly larger cushion of capital and higher cost savings.   Continuación...