European shares rose Thursday morning for the fourth consecutive session, with banks among the major gainers ahead of a key EU summit which could lay the groundwork for a rescue package of debt-stricken Greece. By 0925 GMT, the pan-European FTSEurofirst 300 index was up 0.7 percent at 994.04 points. The index is down 4.8 percent this year after gaining nearly 26 percent in 2009. Banks featured among the top performers on global economic optimism. Credit Suisse rose 2.8 percent as it continued to attract client flows while sector peers have struggled, despite quarterly profits missing forecasts. BNP Paribas, National Bank of Greece and Standard Chartered gained 0.9 to 3.4 percent. “All eyes are on the EU meeting and what happens with the Greeks. It is all about a question of confidence today,” said Justin Urquhart Stewart, director at Seven Investment Management. “The markets want to see signs that Europe can stand up and have a clear path ... We are looking for clarity of thought to stop any further worries that this is not just in the peripheral economies but other European areas.” An EU government source said euro area finance ministers agreed their countries would take “determined and coordinated action” to help Greece, drawing on the International Monetary Fund's expertise but not the fund's money. Across Europe, the FTSE 100 index was up 1.3 percent, Germany's DAX rose 0.6 percent, France's CAC 40 gained 1 percent and Greece's benchmark added 1.5 percent. Miners were in demand, with Rio Tinto up 4.3 percent after its second-half profit was well ahead of analysts' forecasts, thanks to $2.6 billion in cost cuts. Firmer metal prices also boosted the sector after data showed a surge in employment in Australia and stronger-than-expected bank lending in China. Anglo American, Antofagasta, BHP Billiton, Eurasian Natural Resources Corporation and Xstrata were 3.3 to 4.3 percent higher.
