* European shares rebound, helped by good results
* Euro zone stocks mark six straight weeks of gains
* But banks under pressure as HSBC, BNP, SocGen disappoint (Adds detail, updates prices at close)
By Danilo Masoni
MILAN, May 4 (Reuters) - European shares bounced back on Friday as good company results rolled in, but bank stocks were left behind after poor updates from HSBC HSBA.L , BNP Paribas BNPP.PA and Societe Generale SOGN.PA .
Broad-based gains lifted the pan-European STOXX 600 .STOXX index, which rose 0.6 percent. The banking index, recently penalised by softer economic data and cooling expectations about monetary policy tightening, was among the worst-performing sectors, rising 0.2 percent.
The recent fall in the euro has helped Europe outperform Wall Street in recent weeks, with the euro zone index .STOXXE posting its sixth straight week of gains.
"The euro has remained under pressure this week on declining expectations about the timeline of an expected tapering of the ECB's bond buying program. Yesterday the latest EU inflation numbers saw an unexpected decline in inflation on both the headline rate as well as on core prices," said Michael Hewson, analyst at CMC (NS: CMC ) Markets, in a note.
HSBC declined 1 percent after it reported an unexpected 4 percent drop in first-quarter pre-tax profit, although its new chief executive sought to cheer investors with a share buyback of up to $2 billion Paribas fell 1.2 percent and Societe Generale lost 5.2 percent after a weak-looking set of first-quarter results from the French banks exchange was blamed by BMW BMWG.DE for a 3 percent drop in quarterly operating profit. Shares in the German luxury carmaker were down 0.7 percent.
Air France AIRF.PA dropped nearly 3 percent after the airline said it expected profits to fall this year because of strikes at its main French unit
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.