{"id":133759,"date":"2021-07-29T09:16:37","date_gmt":"2021-07-29T09:16:37","guid":{"rendered":"https:\/\/precoinnews.com\/?p=133759"},"modified":"2021-07-29T09:16:37","modified_gmt":"2021-07-29T09:16:37","slug":"earnings-cheer-lifts-european-stocks-to-new-highs","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/earnings-cheer-lifts-european-stocks-to-new-highs\/","title":{"rendered":"Earnings cheer lifts European stocks to new highs"},"content":{"rendered":"

(Reuters) – European stocks hit record highs on Thursday as strong earnings from commodity majors, Airbus and a clutch of other companies set an upbeat tone, with fading concerns about China\u2019s regulatory moves also helping sentiment.<\/p>

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 27, 2021. REUTERS\/Staff<\/figcaption>

The pan-European STOXX 600 index rose 0.3% to a fresh all-time high of 463 points in morning trading.<\/p>\n

Airbus jumped 3.4%, providing the biggest boost to the index, after the world\u2019s largest planemaker sharply raised its forecasts for full-year deliveries and earnings.<\/p>\n

UK-listed Royal Dutch Shell gained 3.5% and France\u2019s TotalEnergies added 2.3% after both companies announced share buybacks as a surge in oil and gas prices boosted their earnings.<\/p>\n

Miners, already the best sectoral performers in 2021, rose 1.9% after Anglo American boosted its shareholder payout to a record $4.1 billion.<\/p>\n

Strong quarterly earnings and optimism around European reopening put the STOXX 600 on course for its sixth straight month of gains despite lingering concerns about inflation and China\u2019s regulatory crackdown.<\/p>\n

\u201cGlobally diversified stocks have recorded the strongest EPS beats, while consumer stocks with high emerging market exposure have recorded the weakest,\u201d said Milla Savova, investment strategist at BofA said in a note.<\/p>\n

Savova, however, noted that mentions of inflation by STOXX 600 companies have risen by more than 400% over the past year, leaving them at an all-time high in absolute terms.<\/p>\n

Investors drew comfort that central banks retained their supportive stance. U.S. Federal Reserve Chair Jerome Powell on Wednesday took a dovish turn by saying the U.S. job market still had \u201csome ground to cover\u201d before it was time to start withdrawing economic support.<\/p>\n

Finnish telecom equipment maker Nokia climbed 7.1% after it raised its full-year outlook as it benefits from a sharp turnaround in its business.<\/p>\n

Europe\u2019s largest carmaker Volkswagen hit a record high earlier as it lifted its profit margin target for the second time in less than three months.<\/p>\n

Close to 41% of the STOXX 600 companies have reported so far, and 67% of them have topped analysts\u2019 profit estimates, as per Refinitiv IBES data. Typically, 51% beat earnings forecast.<\/p>\n

Overall, profit for STOXX 600 companies are expected to jump 120.8% in the second quarter.<\/p>\n

Among decliners, Swiss bank Credit Suisse dropped 3.9% after reporting a near 80% fall in its second-quarter profit, hit by the fallout from the collapse of Archegos.<\/p>\n

Food giant Nestle and brewer Anheuser-Busch InBev fell after their results.<\/p>\n

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

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