{"id":123288,"date":"2021-04-30T17:33:37","date_gmt":"2021-04-30T17:33:37","guid":{"rendered":"https:\/\/precoinnews.com\/?p=123288"},"modified":"2021-04-30T17:33:37","modified_gmt":"2021-04-30T17:33:37","slug":"europes-stoxx-600-marks-third-month-of-gains-on-earnings-recovery-hopes","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/europes-stoxx-600-marks-third-month-of-gains-on-earnings-recovery-hopes\/","title":{"rendered":"Europe's STOXX 600 marks third month of gains on earnings, recovery hopes"},"content":{"rendered":"

(Reuters) -European stocks ended lower on Friday after dismal GDP data, but marked a third straight month of gains on strong corporate earnings and optimism about an economic recovery from the COVID-19 pandemic.<\/p>

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 21, 2021. REUTERS\/Staff<\/figcaption>

The pan-regional STOXX 600 index fell 0.3%, hovering below its all-time high, and ending the month 1.8% higher.<\/p>\n

Data showed the euro zone economy dipped into a second technical recession after a smaller than expected contraction in the first quarter, but is now set for recovery as pandemic curbs are lifted amid accelerating vaccination campaigns.<\/p>\n

The German economy contracted by a greater-than-expected 1.7%, hit by renewed lockdowns, while the French economy grew more than expected.<\/p>\n

But strong earnings showed companies in the euro zone were well on their way to recover from the impact of the pandemic.<\/p>\n

AstraZeneca jumped 4.3% as the British drugmaker posted better-than-expected results and forecast second half growth.<\/p>\n

Swedish Match rose 0.7% after the tobacco group reported a much higher first-quarter operating profit than expected, helped by growth in its Smokefree product segment. UK peers British American Tobacco and Imperial Brands rose more than 2% each.<\/p>\n

Broadly, European earnings have come in much stronger than expected, with a higher than usual 71% of companies beating profit expectations in the first quarter, according to Refinitiv IBES data. A third of STOXX 600 companies have published results so far.<\/p>\n

\u201cExpectations are high, companies are beating even these elevated expectations, and yet the market is responding with caution,\u201d Lewis Grant, portfolio manager at Federated Hermes, wrote in a note.<\/p>\n

\u201cAt current valuations, and with much pandemic related uncertainty remaining, many investors are more concerned about downside than upside.\u201d<\/p>\n

Strong earnings from British firms helped the European retailers sector outpace its peers in April with a 6.7% bounce, while automobile stocks lagged as a global semiconductor shortage hurt production.<\/p>\n

Banking stocks came under pressure on Friday as euro zone bond yields eased from their highest level since January 2020. But the sector raced past its peers this week with a near 6% gain, driven by a swathe of strong earnings.<\/p>\n

Barclays tumbled 7% despite reporting a quarterly profit that more than doubled, while France\u2019s BNP Paribas slipped 0.8% on higher costs.<\/p>\n

Spain\u2019s Banco Sabadell jumped 8.7% to the top of the STOXX 600 after its quarterly profit beat market expectations, helped by strength in its British unit TSB.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) -European stocks ended lower on Friday<\/p>\n","protected":false},"author":3,"featured_media":123287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nEurope's STOXX 600 marks third month of gains on earnings, recovery hopes - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/europes-stoxx-600-marks-third-month-of-gains-on-earnings-recovery-hopes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Europe's STOXX 600 marks third month of gains on earnings, recovery hopes - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) -European stocks ended lower on Friday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/europes-stoxx-600-marks-third-month-of-gains-on-earnings-recovery-hopes\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-30T17:33:37+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/04\/Europes-STOXX-600-marks-third-month-of-gains-on-earnings-recovery-hopes.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/europes-stoxx-600-marks-third-month-of-gains-on-earnings-recovery-hopes\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/europes-stoxx-600-marks-third-month-of-gains-on-earnings-recovery-hopes\/\",\"name\":\"Europe's STOXX 600 marks third month of gains on earnings, recovery hopes - 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