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Europe’s markets: earnings, economic data



LONDON – European equities traded higher on Wednesday morning as investors digested a new round of corporate earnings and key economic data out of the eurozone.

The pan-European Stoxx 600 climbed 0.8% in early trading, with basic resources adding 2% to leading gains as all sectors except cars entered the positive territory.

Shares in Asia-Pacific were mostly subdued on Wednesday after a state sale of tech stocks, with major markets in China and Japan still closed for the holidays. US futures indicate a cautiously positive opening on Wall Street later in the day.

European equities return Wednesday after a sharp nose late in Tuesday̵

7;s session, with the technology sector throwing 3.8% as technology backers around the world tumbled amid fears of high valuations and reopening economies after severe coronavirus restrictions that greatly benefited the technology.

The final PMI (Purchasing Managers’ Index) reading of composites and services for April is expected outside Italy, Germany, France and the wider eurozone on Wednesday morning, providing an insight into the state of the single currency bloc’s economic recovery.

Eurozone producer prices for March will also be announced.

It’s another busy day for the company’s earnings on Wednesday in Europe with Stellantis, Allianz, Commerzbank and Deutsche Post DHL Group among those reporting before the clock.

Deutsche Post raised its financial expectation after more than tripling its operating earnings in the first quarter, sending the stock 2.6% higher in early trading.

Stellantis posted an increase in revenue in the first quarter to 37 billion euros ($ 44.5 billion), but warned that the global shortage of semiconductors could have a major impact on production in the second quarter.

The Danish facility management company ISS A / S saw its shares jump 7% in early trading to lead the Stoxx 600 according to its earnings report.

At the bottom of the index, Virgin Money UK fell by 7% based on the first quarter results.

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