Banks lead European shares higher after Citigroup earnings

lunes 14 de julio de 2014 12:34 GYT
 

* FTSEurofirst 300 index closes 0.8 pct higher

* Banks top gainers after strong Citigroup results

* Shire gains on merger & acquisition news

* Banco Espirito Santo falls for 6th session

By Atul Prakash

LONDON, July 14 (Reuters) - European equities rose on Monday, rebounding from near two-month lows after their biggest weekly loss in four months, with banks leading the rally following strong earnings from Citigroup.

The FTSEurofirst 300 index of top European shares ended 0.8 percent firmer at 1,363.49 points, having fallen 3 percent last week - its biggest drop since March.

The STOXX Europe 600 Banking index gained 1.1 percent to become the top sectoral gainer in Europe after results from U.S. bank Citigroup, which are keenly watched by markets across the world, showed a stronger-than expected adjusted quarterly profit and raised hopes for its peers.

"The market is expecting a good earnings season from the banking sector and Citigroup results have strengthened those expectations," said Lorne Baring, managing director Of B Capital Wealth Management in Geneva.   Continuación...