Investing.com – European stocks rose on Thursday, erasing earlier losses after U.S. banking giant J.P. Morgan Chase reported a 76% surge in second quarter profits, which far exceeded expectations.
During European afternoon trade, the EURO STOXX 50 was up 0.44%; France’s CAC 40 rose 0.56% and Germany's DAX climbed 0.55%.
Stocks turned higher after J.P. Morgan said its quarterly profit soared to USD 4.8 billion, up from USD 2.72 billion a year earlier.
However European banks remained down amid volatility ahead of next week's publication of euro zone bank stress tests. Deutsche Bank shed 0.32%, while Barclay's slid 2.15% and Credit Suisse declined 0.99%.
In London, the FTSE 100 rose 0.26% as pharmaceutical giant GlaxoSmithKline Plc jumped 1.9% after it said it has settled the majority of product liability cases linked to its Paxil and Avandia treatments.
The outlook for U.S. equity markets, meanwhile, was optimistic: Dow Jones Industrial Average futures indicated an increase of 0.41%, S&P 500 futures pointed to a gain of 0.56% and Nasdaq 100 futures indicated a rise of 0.54%.
Later in the day, the U.S. was to publish key data on initial jobless claims.
During European afternoon trade, the EURO STOXX 50 was up 0.44%; France’s CAC 40 rose 0.56% and Germany's DAX climbed 0.55%.
Stocks turned higher after J.P. Morgan said its quarterly profit soared to USD 4.8 billion, up from USD 2.72 billion a year earlier.
However European banks remained down amid volatility ahead of next week's publication of euro zone bank stress tests. Deutsche Bank shed 0.32%, while Barclay's slid 2.15% and Credit Suisse declined 0.99%.
In London, the FTSE 100 rose 0.26% as pharmaceutical giant GlaxoSmithKline Plc jumped 1.9% after it said it has settled the majority of product liability cases linked to its Paxil and Avandia treatments.
The outlook for U.S. equity markets, meanwhile, was optimistic: Dow Jones Industrial Average futures indicated an increase of 0.41%, S&P 500 futures pointed to a gain of 0.56% and Nasdaq 100 futures indicated a rise of 0.54%.
Later in the day, the U.S. was to publish key data on initial jobless claims.