European markets finished the session mixed, taking the lead from a volatile start in the US.Investors contemplated conflicting economic data in the US. US sales figures came in weaker than expected but investors took comfort in a report that showed higher than expected consumer confidence.
Across the markets, the German DAX slipped in to the red in the closing stages, down 8 points to 6047. The French CAC though remained in the blue, ending up 38 points to 3555.
Banks were better again on global growth optimism. Banco Santander was a big riser after it said 2009 results were good, adding the “same will happen” in 2010.
Other banks also did well, including BNP Paribas and UBS as the pace of consolidation in the Spanish bank sector picked up pace.
Spain's seventh largest bank , Banco de Sabadell, confirmed it is in talks with Banco Guipuzcoano. Yesterday, savings bank Caja Madrid started merger discussions with Bancaja, the fourth largest savings bank that we also involve five other smaller savings banks in Spain.
Drugmakers also did well after Novartis’ multiple sclerosis pill Gilenia won strong backing from a US advisory panel.Club Mediterranee rose after the company said net income for the six months to April 30 was €3m compared with a year-earlier loss of €22m.
Elsewhere, Morgan Stanley raised its view on French building-materials firm Saint Gobain to 'overweight' from 'underweight'
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