Roaring Cars, Buoyant Banks Lift Europe Stocks

PARIS—European stocks were up 1.6 percent around midday on Wednesday, rising for the fifth time in six sessions as oil continued to fall, while auto stocks rose after a flurry of stronger than expected results. Recently hammered banks were among the top gainers, with Anglo Irish Bank up 8.1 percent, Credit Agricole up 6.2 percent and Credit Suisse up 5.1 percent. UK lender HBOS surged 11 percent on market talk of bid interest from Spanish rival BBVA, traders said. Both HBOS and BBVA declined to comment. At 1052 GMT, the FTSEurofirst 300 index of top European shares was up 1.6 percent at 1,183.45 points. The benchmark index, down 21 percent on the year, has gained 6.6 percent since July 15. "Last week's troubles at Fannie Mae and Freddie Mac really scared everybody. But now that we saw the Fed coming to the rescue again and... [read full story]