European indices moved into the blue ahead of the close after optimism in the US spread across the Atlantic. Banks were in demand after EU lenders were given a largely clean bill of health when European banking regulators released the results of their so-called stress test.
According to the eagerly anticipated results, 84 out of the tested 91 European banks would be able to cope with future economic blow-ups.
Germany’s Hyper Real Estate, Greece’s Atebank and five Spanish banks- Banca Civica, Diada, Espiga and Unnim- failed the test. However, all listed Spanish banks passed. The overall capital shortfall among the failed banks was €3.5bn.
Investors reacted positively to the news. Societe Generale was a strong riser in France, closely followed by BNP Paribas and Credit Agricole.Across the markets, the Dax in Frankfurt is 27 points higher at 6,151, with the Cac up 29 points at 3,596. But the Swiss market closed a point lower at 6,199.
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