Sun, April 21, 2024

European stocks rose as investors wait for earnings

Stocks and trade war

The European stocks market rose cautiously on Thursday morning as investors digested more corporate earnings. As we know, the market is waiting for a key monetary policy decision from the Bank of England.

The pan-European Stoxx 600 rose byd 0.3% in early trade. The stock stands at 468.87. Meanwhile, tech stocks surged 0.9%, while basic resources declined 1.3%.

China sees rapid growth in coronavirus infections in the regions along with uncertainty over Chinese policy. However, shares in Asia-Pacific held on to their recent gains in Thursday morning trading.

Stateside, stock futures were slightly changed in early premarket trade. Remarkably, investors are waiting for more corporate earnings and the Labor Department’s official jobs report due on Friday.

On the data front in Europe, final PMI (purchasing managers’ index) readings on Wednesday showed euro zone business activity rising in July to its fastest increase in 15 years.

Investors will be observing the Bank of England (BoE) for its monetary policy decision Thursday. The BoE is anticipated to uphold its massive stimulus program despite a continued rebound from the U.K.’s pandemic lows and a recovery in inflation.

FTSE declined by 0.23%, or 16.52, to settle at 7,107.34. Meanwhile, Germany’s Dax slightly fell to 15,686.32. France’s stocks also boosted, with CAC gaining 0.19% or 12.84 to 6,759.07.

Earnings resumed guiding sentiment in Europe. Adidas, Siemens, Bayer, Merck, WPP and Intesa Sanpaolo are among the big names reporting July 4.

Adidas  raised its outlook for the year, despite a decline in sales in China

Moreover, Adidas raised its outlook for the year, despite a decline in sales in China. Remarkably, some consumers boycotted the German sportswear brand for its stance against alleged human rights abuses. Its shares dropped 5.4% in early trade.

Pharmaceutical giant Merck KGaA witnessed its second-quarter profits beat expectations helped by boosted demand for lab equipment and supplies for developing COVID-19 treatments and vaccines. Merck shares rose by 3.6%.

The profit of French lender Credit Agricole for the period also doubled. It reached 1.97 billion euros from 954 million euros this time in 2020. The growth is credited to government support schemes for the economy. Moreover, it also lowered pandemic-related charges for bad loans. Remarkably, shares of Credit Agricole declined by 1.2%.

Diagnostics group Eurofins’ shares soar 6.6% in early trade to lead the Stoxx 600 after publishing record first-half earnings and raising its full-year outlook.

At the bottom of the European blue-chip index, German e-commerce company Zalando sank 8.4% after its earnings report.

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