European stocks higher after Citigroup earnings

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LONDON (AP) — European stock markets rose Friday, with Wall Street expected to open higher, following better than expected earnings from U.S. banking giant Citigroup Inc. and General Electric Corp.

Citigroup, widely considered the most troubled U.S. bank, said its loss per share in the first three months of 2009 was 18 cents, narrower than the 34 cents analysts were predicting. Meanwhile, General Electric reported earnings per share of 26 cents for the same period, again ahead of analysts' expectations of 21 cents per share.

The news helped Wall Street futures reverse earlier losses and stoked some buying in Europe's markets.

Dow futures were up 6 points, or 0.1 percent, at 8,065 while the broader Standard & Poor's 500 futures rose 0.2 point to 861.70.

In Europe, the FTSE 100 index of leading British shares was up 36.78 points, or 0.9 percent, at 4,089.76 while Germany's DAX rose 46.20 points, or 1 percent, to 4,655.66. The CAC-40 in France was 42.68 points, or 1.4 percent, at 3,080.86.

The results, though clearly affected by the recession, reinforced hopes in the markets that the worst of the economic downturn may be over. Such views had enticed some investors back into stock markets in recent weeks. The rise in risk appetite has gained momentum over the last month or so as global equities have rallied from multiyear lows to post their biggest gains in such a short space of time since 1933.

Citigroup's results followed similarly upbeat reports in recent days by JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs Group Inc.

Keith Bowman, an equities analyst at Hargreaves Lansdown stockbrokers in London, said the earnings from Citigroup were greeted with some relief but said investors need more convincing before they can say the banks have recovered.

"Investors will be wanting to see follow-through into the second quarter to be convinced," he said.

Earlier in Asia, Japan's Nikkei 225 stock average added 152.32, or 1.7 percent, to 8,907.58 while Hong Kong's Hang Seng pared gains to close up 18.28 points, or 0.1 percent, at 15,601.27. India's main index advanced 0.7 percent while Australia's benchmark shed its gains to close slightly higher.

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