Stress Tests, Strong UK GDP Help Calm Markets Fears (EWP, EWG, NBG)

Markets have settled down, and are now trading higher based on

. After results of the European stress test were released, it was determined that only 7 of the 91 banks tested needed to raise capital. This was much better than initially feared. The breakdown of the 7 is 5 Spanish, 1 German and 1 Greek. Between them, they need to raise a collective 3.5 billion euros worth of capital. Britain's economy grew much stronger than expected as well, growing by 1.1 percent in the second quarter, the Office for National Statistics said Friday. This was well above market forecasts of 0.6%.