Robust earnings help European stocks to bounce back

martes 5 de agosto de 2014 08:04 GYT

* FTSEurofirst 300 up 0.6 pct, Euro STOXX 50 up 0.4 pct

* Credit Agricole bounces despite massive BES hit

* Market rebound seen as technical

By Blaise Robinson

PARIS, Aug 5 (Reuters) - European shares gained ground on Tuesday in a tentative rebound following last week's sharp sell-off, supported by forecast-beating results from blue-chips such as BMW.

Shares in the German car maker gained 1.4 percent after it reported a 26 percent jump in profits, helped in part by strong sales in China.

French bank Credit Agricole rose 4.1 percent, trimming recent sharp losses, as the bank - which took a 708 million euro hit from its stake in troubled Portuguese lender Banco Espirito Santo - still managed to beat analyst expectations for second-quarter results.

At 1130 GMT, the FTSEurofirst 300 index of top European shares was up 0.6 percent, at 1,338.40 points.

The index was bouncing off a key support level, its 200-day moving average, tested in the past two sessions. But traders warned that this could be a technical rebound and that the sell-off could soon resume.   Continuación...