EU STOCKS up after ECB cuts

European stock markets rose Friday as bank shares benefited from easing measures announced by the European Central Bank.

The Stoxx Europe 600 index was up 0.2% at 345.52, extending Thursday’s gain, which left the index at its highest level in more than six years.

Among other equity gauges, the German DAX 30 index rose 0.1%, but the French CAC 40 index slipped 0.2%. The FTSE 100 index gained 0.3%. Data released showed United Kingdom Total Trade Balance down to £-1.843B in April from previous £-1.1B. Yesterday BoE left its rate unchanged at 0.5% and asset purchase facility at £375B.

Friday’s advancers included Société Générale SA , as its shares rose 1.6%, and Banco Santander SA, which picked up 0.9%. 

The Portugal PSI 20 index outperformed other regional indexes, up 1% to 7,305, as a number of banks pushed higher. Banco Comercial Português SA added 1.8%.

The ECB cut interest rates on Thursday, turning the deposit rate negative for the first time, as policy makers aim to boost inflation and encourage growth through boosting bank lending and spending, among consumers and businesses.

Investors will later turn their attention to labor-market data from the U.S., the world’s largest economy, with Wall Street expecting the addition of 210,000 jobs in May. A surge in new jobs from February to April marked the best three-month stretch of hiring in two years.

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