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Europe midday: Stocks maintain gains as earnings provide a boost

By Frank Prenesti

Date: Thursday 29 Jul 2021

(Sharecast News) - European stocks were still in the black by midday on Thursday, having hit records highs at the open, as strong corporate earnings helped investors to shrug off worries about China's regulatory moves on tech firms.
The pan-European STOXX 600 index was up 0.4% at an all-time high of 463.70, while France's CAC 40 was 0.7% higher at 6,656.11 and Germany's DAX was 0.5% firmer at 15,646.48.

"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 and raised its full-year outlook as promised, thanks to a turnaround of its business.

Aircraft maker Airbus jumped 4% 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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