European Shares Rise Slightly With The Start Of The Earnings Season

European Shares Rise Slightly With The Start Of The Earnings Season

European shares rose slightly with the start of the European session on Thursday after the significant decline seen yesterday with the start of the third-quarter corporate earnings season.

European shares were able to post gains today ignoring the grim results from both the Swiss bank Credit Suisse and the Swiss drug maker Novartis.

Novartis lost 0.52% to 56.90 Swiss francs after the company said that its sales fell in the third quarter.

Swiss banking giant Credit Suisse said that third quarter net profit declined worse than expected by 1.44% to 22.62 francs, where in the meanwhile the bank is intending to reduce costs by 1 billion francs, through the end of 2015.

More important equities advanced today as a the Spanish news paper Espacion reported that the Spanish government will formally asked the European Union for 60 billion euros to recapitalize its banking sector, out of the 100 billion euros the EU had offered.

European shares inclined as of 03:19 EST. The Spanish IBEX 100 gained 0.18% to 7796.50. The French CAC 40 gained 0.33% to 3437.74 and at the same time DAX was hovering around 7206.03, gaining 0.18% and FTSE 100 added 0.16% to trade around 5814.19.

The euro fell as of 11:13 (GMT+3) trading near $1.3006 compared with the opening of $1.2973. The EUR/USD has recorded an intraday high of 1.3012 and low of 1.2960.

As for the Great British Pound, sterling trading near $1.6066 compared with the opening of $1.6037. The GBP/USD has reached an intraday high of 1.6076 and low of 1.6025.