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Banks and carmakers lead markets rally

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Banks and carmakers lead markets rally

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European markets closed up with banks and carmakers doing particularly well in an improving economic climate.

The Cac 40 in Paris showed the biggest gains, closing almost 2.5 percent higher. The FTSEurofirst 300 index of top European shares rose more than 1.5 percent. French bank Societe Generale gained over 4.5 percent, boosted by solid third-quarter figures and renewed bid speculation. Barclays, Banco Santander, BNP Paribas, HSBC and UBS were all up between 1 and 4 percent. Trading was also boosted by a revised outlook form Japanese car giant Nissan. Markets were also further bouyed by hopes of economic recovery across the Atlantic.