Economic news

Bank sector hits rebound in European shares

European stocks rebounded in morning deals on Friday following a batch of earnings reports though the heavyweight banking sector slid after weak updates from major banks.

Photo: Reuters

The pan-European STOXX 600 index added 0.2% to 385.33.

Paris CAC 40 slipped 0.2% to 5,491.32, while Frankfurt’s DAX 30 advanced 0.2% to 12,719.41, and the UK’s FTSE 100 gained 0.4% to 7,532.59.

Shares of BNP Paribas SA dropped 2.5% as the French bank posted a 17 percent slump in net income in the first three months of the year, noting "thin" trading activity in the region.

Société Générale SA lost 6% аs the bank announced weaker-than-expected revenue figures across various units.

HSBC Holdings PLC tumbled 3% as costs at Europe’s largest bank increased at a faster pace than revenue in the first quarter.

EasyJet rose 2.2% as the airline reported growth in passenger numbers in April.

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