ANL 16.15 Increased By ▲ 0.66 (4.26%)
ASC 13.92 Decreased By ▼ -0.08 (-0.57%)
ASL 18.77 Decreased By ▼ -1.23 (-6.15%)
BOP 8.75 Increased By ▲ 0.05 (0.57%)
BYCO 7.54 Increased By ▲ 0.24 (3.29%)
FCCL 17.79 Increased By ▲ 0.81 (4.77%)
FFBL 23.08 Increased By ▲ 0.28 (1.23%)
FFL 15.25 Increased By ▲ 0.35 (2.35%)
FNEL 7.25 Increased By ▲ 0.19 (2.69%)
GGGL 16.90 Increased By ▲ 0.60 (3.68%)
GGL 29.20 Increased By ▲ 0.80 (2.82%)
HUMNL 6.48 Increased By ▲ 0.34 (5.54%)
JSCL 20.10 Decreased By ▼ -0.30 (-1.47%)
KAPCO 28.15 Decreased By ▼ -0.35 (-1.23%)
KEL 3.43 Increased By ▲ 0.02 (0.59%)
MDTL 2.24 Increased By ▲ 0.09 (4.19%)
MLCF 35.12 Increased By ▲ 2.64 (8.13%)
NETSOL 108.95 Increased By ▲ 7.50 (7.39%)
PACE 4.35 Increased By ▲ 0.15 (3.57%)
PAEL 28.00 Increased By ▲ 1.49 (5.62%)
PIBTL 8.42 Increased By ▲ 0.02 (0.24%)
POWER 7.00 Increased By ▲ 0.29 (4.32%)
PRL 16.65 Increased By ▲ 0.27 (1.65%)
PTC 9.17 Increased By ▲ 0.06 (0.66%)
SILK 1.48 Increased By ▲ 0.06 (4.23%)
SNGP 41.02 Decreased By ▼ -1.48 (-3.48%)
TELE 16.73 Increased By ▲ 0.28 (1.7%)
TRG 134.10 Increased By ▲ 5.75 (4.48%)
UNITY 29.85 Increased By ▲ 1.16 (4.04%)
WTL 2.54 Increased By ▲ 0.26 (11.4%)
BR100 4,716 Increased By ▲ 108.86 (2.36%)
BR30 20,840 Increased By ▲ 565.69 (2.79%)
KSE100 45,499 Increased By ▲ 870.01 (1.95%)
KSE30 17,825 Increased By ▲ 368.99 (2.11%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,312
1224hr
Pakistan Cases
1,266,204
55424hr
1.32% positivity
Sindh
466,432
Punjab
438,271
Balochistan
33,138
Islamabad
106,543
KPK
177,038
Markets

European stocks close at new highs on earnings lift

  • The pan-European STOXX 600 index rose 0.5% to a closing high of 460.57 points
  • 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
Updated 29 Jul 2021

European stocks hit all-time highs on Thursday after strong earnings from commodity majors, Airbus and a clutch of other companies, while data showing record high euro zone economic sentiment in July added to the positive mood.

The pan-European STOXX 600 index rose 0.5% to a closing high of 460.57 points.

UK-listed Royal Dutch Shell gained 3.8% and France's TotalEnergies added 2.2% after both companies announced share buybacks as a surge in oil and gas prices boosted their earnings.

Miners, already the best sectoral performers in 2021, jumped 2.4% after Anglo American boosted its shareholder payout to a record $4.1 billion. Rising silver and gold prices also boosted the sector.

Foreign funds now own 81% of all shares listed on Moscow Exchange

Airbus edged 0.6% higher after the world's largest planemaker sharply raised its forecasts for full-year deliveries and earnings.

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's regulatory crackdown.

"Globally diversified stocks have recorded the strongest EPS beats, while consumer stocks with high emerging market exposure have recorded the weakest," said Milla Savova, investment strategist at BofA, said in a note.

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.

European stocks rise as earnings lift sentiment

Investors drew comfort from a supportive stance by central banks after Federal Reserve Chair Jerome Powell on Wednesday said the US job market still had "some ground to cover" before it was time to start withdrawing economic support.

Estimates from the European Commission showed sentiment in the 19-country single-currency bloc rose to 119.0 points in July, a record since data began to be collected in 1985.

"Never before has sentiment been so positive among eurozone businesses and consumers. This indicates that the economic rebound is in full swing," said Bert Colijn, senior economist, eurozone at ING.

Finnish telecom equipment maker Nokia climbed 4.6% after it raised its full-year outlook as it benefits from a sharp turnaround in its business.

Europe's largest carmaker Volkswagen hit a record high earlier as it lifted its profit margin target for the second time in less than three months.

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

Among decliners, Swiss bank Credit Suisse dropped 2.0% after reporting a near 80% fall in its second-quarter profit, hit by the fallout from the collapse of Archegos.

Food giant Nestle and brewer Anheuser-Busch InBev fell after their results.

Comments

Comments are closed.