European shares end higher on earnings optimism

European shares ended at their highest in more than a week on Friday, led higher by miners, as strong corporate results and encouraging economic data improved market sentiment.

Investors traded cautiously throughout the session ahead of results of stress tests for 91 European banks, which came in after the close of the European market.

Organisers of the tests said seven banks would not be strong enough to withstand another recession and would face a total capital shortfall of 3.5 billion euros ($4.5 billion). [ID:nSGE66M07W]

"This is not surprising that most of them have passed -- the results are in line with expectations," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets.

Read Full Article from Reuters

- Posted: 2010-07-23 13:56:35

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