European markets remain strong as bright earnings boost sentiment

European stocks closed high on Wednesday and rebounded after two consecutive days of losses, as some bright earnings updates from the region’s top firms raised sentiment.

Strong results from several major US companies, as well as a few bargain hunts, also contributed to Europe’s rise. market..

In addition to tracking updates coronavirus On the front lines, investors were also looking forward to the results of the Federal Reserve Board later that day, seeking clues about the tapering of stimuli.

The Pan-European STOXX 600 rose 0.66%. The UK FTSE 100 rose 0.29%, the German DAX rose 0.33%, the French CAC 40 rose 1.18% and the Swiss SMI rose 0.43%.

Among other European markets, Austria, Belgium, Czech Republic, Denmark, Greece, Iceland, Ireland, Netherlands, Poland, Portugal, Russia, Spain, Sweden and Turkey closed at high prices, while Finland and Norway were sluggish. did.

In the UK market, Fresnillo surged nearly 7%. St. James’s Place increased 5.6% and IAG, Rolls-Royce Holdings, Scottish Mortgages, Smith & Nephew, Melrose Industries, Just Eat Takeaway, Intertek, ICP and Spirax Sarco Engineering increased 2-4%.

Barclays Group shares rose about 2% as interim net profit surged more than five-fold due to lower-than-expected credit losses associated with the COVID pandemic.

Rio Tinto increased 1.2% after reporting record first-half profits.

Reckitt Benkeiser reduced losses by about 3.2%, increasing losses from previous sessions. HSBC Holdings decreased 1.6% and ITV, Ashted Group, Vodafone Group and Enterin decreased 1-1.3%. British American Tobacco ended weakly, despite reporting higher-than-expected earnings in the first half of this year.

In the German market, MTU Aero Engines rose 2.7%. SAP, Fresenius, Deutsche Wohnen, ThyssenKrupp, Infineon Technologies, Fresenius Medical Care, Deutsche Post and RWE increased 1-2%.

Covestro shed about 1.7%. Deutsche Bank fell about 1%, despite better-than-expected second-quarter profits and raising its earnings outlook for next year.

In France, Renault rebounded by more than 4.5%. Capgemini grew about 4% after a 12.9% increase in second-quarter revenue. Kering grew nearly 4% after reporting a 95% increase in second-quarter sales.

Unibail Rodamco, LVMH, Safran, Airbus Group and STMicroElectronics increased by 2-4%. Veolia, Thales, Worldline, Engie, Air France-KLM also rose significantly.

Both Sodex and Atos fell nearly 3%. Vivendi, Societe Generale, BNP Paribas and Crédit Agricole also closed weakly, albeit with less noticeable losses.

Germany’s consumer confidence remains unchanged in August, according to market research group GfK’s findings, as economic announcements offset weak economic and income expectations with improved buying habits. I am.

Positive consumer sentiment was stable at -0.3 in August, while economists predicted the index would improve to +1.0. The survey was conducted from July 1st to 12th.

According to preliminary data from Destatis, German import prices rose at the fastest pace in nearly 40 years in June. The import price index rose 12.9% year-on-year after rising 11.8% in May. Economists predicted a 12.6% increase.

The French Consumer Confidence Index index fell from 103, revised in June, to 101. Economists expected the readings to be stable at 102, the first score in June.

Elsewhere, UK home prices rose 10.5% year-on-year in July, slower than the 13.4% rise posted in June, data released by the Nationwide Building Society revealed. This was also weaker than the economist’s forecast of 12.1%.

The UK retail consortium said Wednesday that UK store prices continued to fall in July, largely driven by the plunge in non-food prices. The over-the-counter price index fell 0.7% in June and then 1.2% annually in July.

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European markets remain strong as bright earnings boost sentiment

Source link European markets remain strong as bright earnings boost sentiment

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