Investing
Earnings support European stocks ahead of GDP data
(Reuters) – European stocks inched higher on Friday, as strong corporate earnings lifted investor spirits ahead of the release of euro zone economic growth data for the first quarter.
The pan-European STOXX 600 index was up 0.2% by 0720 GMT. The benchmark hovered below its all-time high and was on course to end April 2.3% higher.
British drugmaker AstraZeneca gained 2.7% on reporting better-than-expected results and forecasting sales growth.
Swedish Match rose 1.9% after the tobacco group reported a much higher first-quarter operating profit than expected.
However, Barclays tumbled 6.2% despite reporting a quarterly profit that more than doubled, while France’s BNP Paribas slipped 1.0% after better-than-expected profit.
All eyes are now on the euro zone’s GDP data due at 0900 GMT. The economy is forecast to have shrunk 2% in the first quarter versus a 4.9% fall in the final quarter of last year.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)
-
Top Stories3 days ago
After VW plant victory, UAW sets its sights on Mercedes in Alabama
-
Business3 days ago
Mike Bahun and Fundraising University Make a Lasting Impact on Sports Programs Nationwide
-
Investing3 days ago
Forex Market Trends to Watch Out For in 2024
-
Top Stories3 days ago
Hedge fund borrowing hits five-year peak, Goldman Sachs says