European shares rebounded from their earlier losses to finish slightly up, ahead for their eighth straight session. That was their longest winning streak since December 2006.
Banks declined because of disappointing results from Morgan Stanley and Wells Fargo. For Morgan Stanley it was the third consecutive quarterly loss and worse than had been expected while Wells Fargo flagged up an increase in bad loans. The other main market moving news from across the Atlantic was an unexpected increase in the 0.9 percent from April. Mining companies headed lower and energy stocks were down as crude prices slipped But drug makers rose with GlaxoSmithKline’s earnings beating expectations and as Pfizer in the US raised its full-year forecast for earnings. And Europe’s biggest maker of sat-nav devices, TomTom, saw its shares shoot up from better than expected earnings.