David Buik Comments: European Shares Bounce From 5-wk Lows on Results - Reuters

European shares rose on Thursday, bouncing back from a five-week low in the previous session as forecast beating results from Credit Agricole (CAGR.PA) and L'Oreal (OREP.PA) boosted investor sentiment.

Banking stocks were in demand. French lender Credit Agricole rose 5.7 percent after it soundly beat second-quarter revenue and profit expectations.

By 0709 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was 0.8 percent higher at 1,019.61 points. "Companies have been reporting reasonable results," said David Buik, partner at BGC Partners. "But, whether a rally can be sustained is to be seen, there is nothing to say the bad news is all over, U.S. jobless claims are likely to be disappointing."

U.S. weekly jobless claims are due out at 1230 GMT, with recent economic data pointing to a slowdown in growth.

Elsewhere, L'Oreal jumped 4.6 percent after it posted forecast-beating first-half results late on Wednesday, helped by growth in demand for its cosmetics, an upturn in consumer spending and cost cuts.

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David Buik Comments: European Shares Bounce From 5-wk Lows on Results - Reuters

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