Europe open: Shares hit record highs as investors shrug off China worries
By Frank Prenesti
Date: Thursday 29 Jul 2021
(Sharecast News) - European stocks hit record highs at the open on Thursday on the back of a day of strong corporate earnings, shrugging off worries about China's regulatory moves on tech firms.
The pan-European STOXX 600 index rose 0.3% to an all-time high of 463.51 points in early trading. All major regional bourses were up.
"After the debacle involving a big sell-off in China-related stocks, Asian markets staged a big comeback ... on chatter that Beijing wouldn't be overtly draconian towards Chinese companies with listings in foreign markets if they kept in line with local laws," said AJ Bell analyst Danni Hewson.
In equity news, shares in telecom equipment maker Nokia rose almost 7% as the company reported a stronger-than-expected second-quarter operating profit on Thursday and raised its full-year outlook as promised, thanks to a turnaround of its business.
Aircraft maker, Airbus, jumped 3.6% after it sharply raised its forecasts for full-year deliveries and earnings.
France's TotalEnergies and UK-listed Royal Dutch Shell both gained after announcing share buybacks as a sharp rise in oil and gas prices boosted their earnings.
Food giant Nestle and brewer Anheuser-Busch InBev fell after their results.
Swiss bank Credit Suisse fell after reporting a near 80% fall in its second-quarter profit, hit by the fallout from the collapse of Archegos.
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