Connect with us

Hi, what are you looking for?

The Smart Citizen Report

BREAKING NEWS

European Stocks Higher as Positive Earnings Offset Indian Covid Concerns

imageStock Markets2 hours ago (Apr 21, 2021 03:50AM ET)

(C) Reuters.

By Peter Nurse

Investing.com – European stock markets traded higher Wednesday, rebounding from their worst daily loss so far this year, boosted by strong corporate earnings which have calmed concerns about the march of Covid-19 in India.

At 3:50 AM ET (0850 GMT), the DAX in Germany traded 0.5% higher, the CAC 40 in France rose 0.6%, the U.K.’s FTSE 100 gained 0.5%, and the pan-European Stoxx 600 climbed 0.6%, after dropping nearly 2% on Tuesday.

Tech stocks were the top gainers, with semiconductor equipment maker ASML (AS:ASML) stock climbing 4.8% after it raised its full-year sales forecast to reflect the plans of major chipmakers to increase capacity and address the current global shortage.

Smaller rival ASM International (OTC:ASMIY) stock also rose 0.6%, while Ericsson (BS:ERICAs) stock slipped 0.7% despite the Swedish telecoms company beating first-quarter profit expectations, helped by sales of 5G equipment.

Elsewhere, Heineken (OTC:HEINY) stock rose 3.5% after the world’s second-largest brewer’s trading update pointed to better-than-expected beer volumes for the first quarter.

Kering (PA:PRTP) stock rose 0.4% after the French luxury group’s leading brand, Gucci, returned to growth, and Roche (SIX:RO) stock rose 0.9% after the Swiss drugmaker confirmed its guidance for the year despite a small drop in sales.

On the flip side, Akzo Nobel (OTC:AKZOY) stock fell 0.8% despite the Dutch paints company reporting a 90% increase in first-quarter profit, while announcing a $1.2 billion share buyback program. The stock has already hit a series of record highs this year as its paints and coatings business gained momentum and market share.

Juventus (MI:JUVE) stock slumped 10% after the breakaway European Super League, of which the Italian soccer club is a founder member, was rocked by the departure of its six English clubs.

Concerns remain that record coronavirus infections in India and the reinforcement of travel restrictions will act as a brake on the global economy.

India, the world’s second most populous country, reported its worst daily death Covid toll on Tuesday from the world’s highest number of new daily cases. This has led to the imposition of a six-day lockdown throughout much of the country, as well many countries putting India on their banned travel list.

Back in Europe, U.K. consumer price inflation rose 0.7% on the year in March, slightly below the 0.8% expected, illustrating that the Bank of England is under no immediate pressure to tighten its ultra easy monetary policies.

Oil prices weakened Wednesday, handing back some of the year’s strong gains as concerns over a rise in the number of Covid-19 cases in India, the world’s third largest crude importer, and a surprise build in U.S. crude oil supplies renewed fuel demand worries.

The U.S. Energy Information Administration will release its inventory data for last week later on Wednesday.

U.S. crude futures traded 0.2% lower at $62.52 a barrel, while the Brent contract fell 0.3% to $66.40. Both contracts are up just short of 30% in 2021.

Elsewhere, gold futures rose 0.2% to $1,781.85/oz, while EUR/USD traded 0.2% lower at 1.2005.

European Stocks Higher as Positive Earnings Offset Indian Covid Concerns

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Join Our Time-Limited Free Subscription! Get Latest Trading Ideas, Business Info and Market Stocks.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Editor's Pick

 Going Full Liberal In response to the arrest of a man who walked into a cafe holding a baseball bat and screaming through a megaphone, a...

Editor's Pick

Going Full Liberal The liberal plan?  Get the body count as high as possible to hurt Trump.  These people are disgusting. Last week, the...

Editor's Pick

Going Full Liberal More trouble for creepy Joe. An extensive new survey by Morning Consult of nearly 28,000 registered voters presents some troubling numbers for the...

Editor's Pick

Going Full Liberal Liberal brilliance on full display. New York City appears to have experienced a surge in shootings this week after the New...

Editor's Pick

Going Full Liberal In the past few weeks, demonstrators — mobs, really — have destroyed or defaced the following statues across the United States....

Editor's Pick

Going Full Liberal The Justice Department released Peter Strzok notes from 1/4/2017 regarding the Flynn-Kislyak calls. Last month it was revealed 2020 Democrat presidential...

Editor's Pick

Going Full Liberal National Public Radio (NPR) posted a tweet Saturday urging every reader to begin “decolonizing your bookshelf.” According to NPR, “white voices...

BREAKING NEWS

Crude oil prices plunged sharply on Thursday, extending losses to a fifth session, amid concerns about the outlook for energy demand. The coronavirus has...

Disclaimer: TheSmartCitizenReport.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.

The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

© Copyright 2021,TheSmartCitizenReport.com All Rights Reserved