European stocks rise early on earnings relief
PARIS, July 15 (Reuters) - European stocks rose to a two-week high on Wednesday, as forecast-beating earnings from Intel (INTC.O), Johnson & Johnson (JNJ.N) and Goldman Sachs (GS.N) reassured investors on the outlook for corporate profits.
At 0711 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 1 percent at 848.80 points, gaining ground for the third consecutive day.
Tech stock were among the biggest gainers, with the DJ STOXX European technology index .SX8P up 2.5 percent. Alcatel-Lucent (ALUA.PA) rose 5.8 percent, Infineon (IFXGn.DE) advanced 4.5 percent and STMicroelectronics (STM.PA) put on 5 percent.
Intel Corp's (INTC.O) quarterly results and outlook trumped analyst forecasts on better-than-expected consumer demand for PCs, especially in Asia.
Johnson & Johnson and Goldman Sachs also pleased investors on Tuesday with better-than-expected results.
But Goldman's strong results are not necessarily a preview of what to expect from all the banks, said Marie-Pierre Peillon, head of equity and credit research at Groupama Asset Management, in Paris.
"We're in the process of making the distinction between the winners and the losers. Goldman is one of the winners, but other banks are still struggling," she said.
Banks were on the upside, with BNP Paribas (BNPP.PA) up 1.2 percent and Deutsche Bank (DBKGn.DE) up 1.3 percent. (Reporting by Blaise Robinson)
