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European shares close an increasing, Paris won 3.05%

July 22, 2010

European shares ended sharply higher, thanks to good corporate results and the publication of U.S. statistics reassuring.

In Paris the CAC 40 index finished up sharply from 3.05% or 106.65 points to 3600.57 points.

Prices were supported by bank stocks, sector index ended with a gain of 3.16%, Standard Chartered, Barclays and Societe Generale ended the session up 4.13% respectively 4.62% and 5 , 08%.

Analysts believe however that this good performance should not emerge as a sustainable trend.

Nokia ended up 2.58% at 7.17 euros after reporting a sharp drop in earnings in the second quarter, increasing a little more pressure on the ailing Chief Olli-Pekka Kallasvuo.

"The issue of change management is more important for the course of action that results in this moment," said Thomas Langer, an analyst at WestLB.

• Novartis shines with its outlook for 2010 raised
• Tokyo stocks end down 1.33%
• FedEx raised its forecast for first quarter and the year
• Strong growth in services in the euro area, differences
• Outlook uncertain for Citi and Bank of America