Friday Market Note: European Economy Not Dead Yet

This morning, there's more evidence that the death of the European economy is overstated. Britain's Office for National Statistics said U.K. GDP rose 1.1 percent in the second quarter, nearly twice the consensus estimates for 0.6 percent growth. The result was nearly four times the pace of 0.3 percent in the first quarter, and the highest in four years. The uptick was due mainly to increases in business services and finance and a dramatic rebound in construction.

Today at noon, the Committee on European Banking Supervisors (CEBS) will release the results of the European bank stress tests, both on an aggregated and on a bank-by-bank basis. Ninety-one banks were poked and prodded to determine whether they had to raise additional money. It's expected that banks in Greece, Spain, Portugal and Germany will need the most money.

A few companies reported earnings before the bell: both Ford and Verizon beat profit and sales estimates. U.S. stock futures are pointing marginally higher in the premarket.

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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