European stocks close at highs by encouraging earnings renewal

European stocks closed higher on Tuesday as strong earnings updates from UBS and Reckitt Benkeiser helped investors fend off new concerns about China’s real estate sector.

Investors sought clues at numerous central bank meetings this week in Europe, Japan and Canada amid rising inflation concerns.

In China, Modern Land missed bond payments and added concerns about the broader impact of the debt crisis at the huge China Evergrande Group.

The Bank of Canada will announce interest rate decisions on Wednesday, and the Bank of Japan and the European Central Bank will announce policies on Thursday.

The Pan-European STOXX 600 rose 0.75%. The UK’s FTSE 100 rose 0.76%, Germany’s DAX rose 1.01%, France’s CAC 40 rose 0.8% and Switzerland’s SMI rose 0.69%.

Above all market In Europe, Austria, Denmark, Finland, Iceland, Ireland, the Netherlands, Spain, Sweden and Turkey closed at high prices.

Belgium, Czech Republic and Greece rose slightly. Portugal and Russia closed weakly, while Poland closed flat.

In the UK market, Reckitt Benkeiser surged 5.8%. Lysole cleaning product manufacturers have raised their full-year forecasts after achieving better-than-expected sales in the third quarter.

BT Group increased by nearly 6%. Whitbread shares rose 4.5% after a strong recovery in demand was seen and the company said it had an advantage over many other companies to cope with rising costs.

Compass Group, Barratt Developments, B & M European Value Retail and Flutter Entertainment increased by 3-4%.

IHG, Schrodders, Persimmon, Associated British Foods, IAG, JD Sports Fashion, Smurfit Kappa Group, Scottish Mortgage, Ashtead Group and ICP also surged.

Escentra’s stake increased by about 5.5% after plastic foam products companies reported expected results and said they expect to achieve adjusted operating profit for 2021 within analysts’ expectations. Did.

Entain has fallen over 6%. Fresnillo shed about 4%. Polymetal International, Antofagasta, BAE Systems and Ocado Group were down 1.6-3%.

Petrovak shares regained their lost ground after plunging nearly 22%, but still ended the session with a loss of 12.05%. Shares fell after the company posted a loss in the first half and announced plans to acquire shareholders with £ 180m ($ 247.54 million) in funding.

In France, saffron increased by 4%. Both Sodexo and Accor rose nearly 3%. AXA, Vinci, Unibail Rodamco, Kering, LOreal, Renault, Airbus, STMicroElectronics, Schneider Electric, ArcelorMittal, Technip, Bouygues and Faurecia increased by 1-2.3%.

WorldLine, Orange and Vivendi were significantly sluggish.

In the German market, MTU Aero Engines, Deutsche Post, Continental, Deutsche Bank, Munich RE, SAP, Allianz, RWE, Siemens, Henkel and Zalando increased by 1.4-3%.

Frezenius decreased by more than 3%. Fresenius Medical Care decreased by about 2% and Sartorius decreased by 1%.

Swiss pharmaceutical company Novartis increased 1% after reporting an increase in adjusted operating profit. The company also said it has begun a strategic review of its Sands division.

UBS shares rose about 1.3%, supported by strong trading activity, after banks posted their highest quarterly profits since 2015.

Computer peripheral maker Logitech International has fallen by more than 4% after warning of supply chain disruptions.

Eurozone banks plan to tighten mortgage conditions in the fourth quarter, according to the European Central Bank’s bank lending survey.

In the fourth quarter, banks will tighten credit standards for corporate loans and slightly relax consumer credit standards.

According to the results of the Confederation of British Industry’s distribution and trade survey, UK retailers expect November sales to exceed seasonal standards.

Retail sales rose from 11% in September to 30% in October. Net 35% predicts further sales growth next month.

Net 48% of retailers reported an increase in orders in October, compared to 20% in September. However, net 41% expects orders to be relaxed slightly next month.

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European stocks close at highs by encouraging earnings renewal

Source link European stocks close at highs by encouraging earnings renewal

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