Euro-Zone Stocks Gain Data Booster; SocGen, Mediobanca Rise on Earnings Reports

Major European stock indices rose on Wednesday as investors reacted to some positive earnings reports and better-than-expected manufacturing and services data for the euro zone. Markit Economics final data for July appeared to confirm the perception that the euro-zone economic recovery is on track, despite the Greek debt crisis, with two closely watched indices holding well above the 50 threshold that separates expansion from contraction. Earnings reports from French bank Societe Generale, Italy’s Mediobanca and UK insurer and fund manager Legal & General boosted those shares, even as a selloff of Greek banks continued for the third day after trading resumed Monday following a five-week suspension.