European shares boosted by JPMorgan results

* FTSEurofirst 300 index rise 0.7 percent

* Banks gain after JPMorgan results please

* Technology shares buoyed by Intel results

* For up-to-the minute market news, click on [STXNEWS/EU]

By Joanne Frearson

LONDON, April 14 (BestGrowthStock) – European shares rose on
Wednesday to their highest level in more than 18 months, led by
the banking sector after JPMorgan Chase & Co (JPM.N: ) reported a
jump in first-quarter earnings.

By 1143 GMT, the pan-European FTSEurofirst 300 (.FTEU3: )
index of top shares was up 0.7 percent at 1,105.92 points after
earlier hitting a year high of 1,106.27. The index has rallied
71 percent since a record low in March 2009.

Banks recovered from early falls to add the most points to
the index after JPMorgan reported a quarterly profit of $3.3
billion, or 74 cents a share, compared with $2.1 billion, or 40
cents a share, a year earlier. [ID:nN14132602]

UBS (UBSN.VX: ), Banco Santander (SAN.MC: ), Standard Chartered
(STAN.L: ) and Intesa Sanpaolo (ISP.MI: ) gained 0.7 to 2.5 percent.

“This is one bank we really wanted to have a look at as if
JPMorgan was showing difficulties then others would be having
problems,” said Stephen Pope, chief global equity strategist at
Cantor Fitzgerald.

“We will see the bigger banks moving higher on this. It is a
very good signal that the markets are on good track in these
early stages of the earnings season.”

In Frankfurt, JPMorgan (JPM.F: ) shares were up 0.8 percent.

Commodity stocks snapped two-days of losses and featured
among the top performers. Energy stocks gained as oil rose above
$84 a barrel on a weaker dollar, with BP (BP.L: ), Royal Dutch
Shell (RDSa.L: ) and Total (TOTF.PA: ) up 0.6 to 1.3 percent.

Miners were in favour as analysts said gold could challenge
this week’s peak on hopes that healthy GDP data from China would
further boost sentiment in commodities.

Anglo American (AAL.L: ), Antofagasta (ANTO.L: ), BHP Billiton
(BLT.L: ), Eurasian Natural Resources (ENRC.L: ), Rio Tinto (RIO.L: )
and Xstrata (XTA.L: ) rose 1 to 2.9 percent.


The STOXX Europe 600 tech index (.SX8P: ) gained 1.7 percent
after Intel’s (INTC.O: ), the world’s biggest chip maker, sales
and margin forecasts trounced Wall Street expectations late on
Tuesday. [ID:nN1382801]

“Intel smashed market expectations — further evidence of a
strong rebound in technology which has been boosted by capital
expenditure from businesses and product launches at (the) retail
level,” said Henk Potts, equity strategist at Barclays Wealth.

Infineon (IFXGn.DE: ), Nokia (NOK1V.HE: ), STMicroelectronics
(STM.PA: ), Logitech (LOGN.VX: ) and Aixtron (AIXGn.DE: ) climbed 1.8
to 2.8 percent.

Intel shares in Frankfurt (INTC.F: ) rose 4.4 percent.

Dutch chip equipment maker ASML (ASML.AS: ) added to hopes for
an acceleration in the tech sector’s recovery with first-quarter
orders beating the most optimistic expectations. [ID:nLDE63C2CJ]

However, ASML fell 0.4 percent after earlier hovering around
eight-year highs.

“We have got some big companies reporting over the course of
the next couple of days and that’s rally going to determine
where markets go from here, but so far so good in terms of
reporting season,” Potts said.

Later in the week investors will eye results from Google
(GOOG.O: ), Bank of America (BAC.N: ) and General Electric (GE.N: ).

Across Europe, the FTSE 100 (.FTSE: ) index was up 0.7
percent, Germany’s DAX (.GDAXI: ) gained 0.8 percent and France’s
CAC 40 (.FCHI: ) was 0.8 percent higher.

Investment Research

(Additional reporting by Atul Prakash; Editing by Louise

European shares boosted by JPMorgan results