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European stocks close at slightly higher prices due to earnings optimism

European stocks closed reasonably high on Tuesday as some strong earnings updates helped outweigh concerns about inflation and supply chain disruptions.

Several top US companies, including Procter & Gamble and Johnson & Johnson, reported higher-than-expected third-quarter earnings.

The market also responded positively to Refinitiv’s data that European companies’ third-quarter profits could increase to 46.7% year-on-year.

The Pan-European STOXX 600 increased by 0.33%. The UK FTSE 100 rose 0.19% and the German DAX rose 0.27%. France’s CAC 40 fell by 0.05%, while Switzerland’s SMI fell by 0.21%.

Above all market In Europe, Belgium, Denmark, Finland, Greece, the Netherlands, Norway, Portugal, Russia, Spain and Sweden closed at high prices.

The Czech Republic and Iceland fell, but Austria, Ireland and Poland remained flat.

In the UK market, Fresnillo, Hikma Pharmaceuticals, Pearson, Hargreaves Lansdown, Entain, Phoenix Group Holdings, B & M European Value Retail and Polymetal International increased 2-3%.

Smith & Nephew, JD Sports Fashion, Next, Tesco, Smith Group, ICP, Intertek Group, Aveva, ITV, Segro and Experian also rose significantly.

British homebuilder Bellway has risen 1.6% after more than doubling profits in the year to the end of July.

IAG shares fell 5.8% after securities firm Berenberg downgraded its share price and lowered its target price.

Glencore was down about 3% and Rolls-Royce Holdings was down about 2.2%. Reckitt Benquiser, Unilever, Associated British Foods, Johnson Matthey and Bunzl also closed weakly.

In the French market, Unibail-Rodamco rose nearly 4%. Veolia increased by more than 2.5%, Engie increased by nearly 2%, Capgemini increased by about 1.5%, Teleperformance, STMicroElectronics and Legrand increased by nearly 1%.

Air France-KLM, Danone, Faurecia, Saffron, Valeo, Thales and Calfur fell 1.4-3.3%.

In Germany, HeidelbergCement rose about 3% and Munich Re rose 2.6%. Siemens Healthineers, Deutsche Post, Bayer, E.ON, RWE, Merck and Vonovia increased by 1-1.7%.

Delivery Hero SE’s share price rose 1.3% after an online food ordering company announced that it had invested $ 235 million in on-demand delivery startup Gorillas Technologies GmbH.

HelloFresh decreased by nearly 2%. Continental, Volkswagen, Henkel and BMW also closed weakly.

Swiss biotechnology company Bachem Holding has fallen by more than 10%. The company announced a capital increase of CHF 584 million ($ 634 million) through the issuance of 750,000 new shares.

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European stocks close at slightly higher prices due to earnings optimism

Source link European stocks close at slightly higher prices due to earnings optimism

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