European Markets Receive A Boost From Bank Stocks (LYG, CS)

The Wall Street Journal reports that European markets climbed higher on Friday on back of strong performance by bank stocks. Bank stocks received a boost after Lloyds banking Group (ADR) (NYSE: LYG) announced that it was expecting to return to profitability this year.

Stoxx Europe 600 Index climbed 0.2% to 261.6, while the FTSE 100 in London climbed 0.4% to 5663.1. The DAX in Germany was up 0.1% to 6015 and France’s CAC-40 was up 0.2% to 3947.5. Equity markets in U.K. also received a boost after Credit Suisse (ADR) (NYSE: CS) upgraded it from Underweight to Benchmark.

Sam Wright, an equity trader at Spreadex, said, “The main impact on the equity market this morning has to be Lloyds' trading update. Expectations of a return to profit have sent the shares flying, up 8% this morning, pulling the other banks along with them.”