Europe shares rise 2.3 pct after JPMorgan results

Thu Jul 17, 2008 6:42am EDT
 
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LONDON, July 17 (Reuters) - European shares bounced by more than 2 percent on Thursday after results from U.S. bank JPMorgan (JPM.N) beat expectations, while Finnish mobile phone maker Nokia (NOK1V.HE) met forecasts with its earnings.

By 1033 GMT the FTSEurofirst 300 index .FTEU3 of top European shares was up 2.3 percent at its day high of 1,141.56 points.

JPMorgan reported earnings per share of $0.54, compared with Reuters estimates for $0.44, helping push up U.S. stock index futures DJU8 SPU8 NDU8 by 0.3 to 0.4 percent.

JPMorgan shares were up 5.7 percent in premarket electronic trade in New York (JPM).

In Europe, banks were the strongest performers, with Royal Bank of Scotland (RBS.L) up 8.2 percent, Banco Santander (SAN.MC) up 2.6 percent and Societe Generale (SOGN.PA) up 5.5 percent.

Adding to the robust tone were Nokia's results, which came in in line with expectations, reassuring investors somewhat about consumer spending on discretionary items such as mobile phones. Nokia shares were last up nearly 8 percent. (Reporting by Amanda Cooper)

 

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