LONDON (ShareCast) - Wall Street has provided a huge push to equity markets across Europe following stronger housing data and bright second quarter earnings.
The German Dax soared 125 points to 5,247, its best finish in over eight-months, while
Paris is up 68 at 3,373, a seven-week high.
Ford, AT&T and 3M were in demand on the other side of the pond as the US earnings season produced another crop of better-than-expected results.
Sales of existing US homes climbed in June for the third month in succession, rising by 3.6% to an annual rate of 4.89m. That topped forecasts.
Banks were wanted in Europe following Credit Suisse better-than-expected results.
The Swiss firm reported its second consecutive quarterly profit this morning but said it expects the global economic climate to remain tough. Profits up 29% to 1.57bn Swiss francs in the three month period were impressive.
"We expect the global economic environment to remain challenging and uneven business condition to persist," said chief executive Brady Dougan. "However, if markets continue to improve we expect to see further momentum across all our businesses."
Deutsche Bank (Xetra: 514000 - news) , Societe Generale (Paris: FR0000130809 - news) and UBS (Virt-X: UBSN.VX - news) joined the rally.
Porsche (Xetra: POR3.DE - news) announced that Wendelin Wiedeking is stepping down as chief executive of the sports car maker with immediate effect only hours after the group's board agreed to seek a capital injection of at least €5bn.
Wiedeking, who has been leading the company for 16 years, leaves with a €50m payoff package. He will be joined by chief financial officer Holger Haerter.
"In the last weeks Wiedeking and Haerter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on the board as acting persons," the 911 sports-car maker said this morning.
Switzerland's Roche (Virt-X: ROG.VX - news) has ramped up production of Tamiflu as the swine flu pandemic spreads fear around the world.
The drugs giant said sales of Tamiflu rocketed by 200% in the first six months of the year and plans to produce about 400 million packs a year by the start of 2010.
It sold 1bn Swiss francs (£567m) of the anti-viral treatment during the period, but net profit still sank 29% to 4.1bn Swiss francs (£2.3bn) due to financing costs linked to its takeover of Genentech (NYSE: DNA - news) .
CAC 40 (Paris: news) - Risers
Pernod Ricard (Paris: FR0000120693 - news) (RI) € 51.80 +5.47%
Saint Gobain (Paris: FR0000125007 - news) (SGO) € 26.67 +5.21%
AXA (CS) € 14.41 +5.03%
Alstom (ALO) € 46.38 +4.92%
Veolia Environnement (Paris: FR0000124141 - news) (VIE) € 23.63 +4.88%
ArcelorMittal SA (MT) € 26.17 +4.30%
Vallourec (VK) € 88.20 +3.86%
PPR (Paris: FR0000121485 - news) (PP) € 65.50 +3.49%
Unibail-Rodamco (UL) € 116.85 +2.95%
Renault (RNO) € 27.98 +2.72%
CAC 40 - Fallers
Accor (Paris: FR0000120404 - news) (AC) € 28.38 -1.85%
ST Microelectronics (Paris: NL0000226223 - news) (STM) € 5.44 -1.41%
Lagardere SCA (MMB) € 24.72 -1.16%
Vivendi (Paris: FR0000127771 - news) (VIV) € 18.10 -0.03%
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