European shares rebound as banks gain, EDF soars

viernes 29 de julio de 2016 04:35 GYT
 

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* FTSEurofirst 300, STOXX 600 up 0.6 pct

* Banking stocks among top gainers

* Shares in EDF, Generali, Kering surge

By Atul Prakash

LONDON, July 29 (Reuters) - European shares advanced on Friday following some encouraging company updates, with EDF surging after its board approved the company's Hinkley Point nuclear project and Kering gaining after its fashion brand Gucci recorded strong sales.

Financial services were in demand, with the STOXX Europe 600 Banks index rising 2.3 percent, helped by a rally in Barclays and UBS after releasing results.

UBS, the world's largest wealth manager, rose 3.1 percent after beating second-quarter profit estimates. However, Switzerland's top bank cautioned that tough market conditions were likely to continue for the foreseeable future.

Barclays rose 5.6 percent. Although the bank reported a 21 percent dip in first-half pre-tax profits, profits from its core businesses, including consumer and commercial lending, credit cards and investment banking, rose 19 percent to 2.4 billion pounds ($3.16 billion).   Continuación...