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European stocks edge higher on earnings optimism, recovery hopes

European stocks edge higher on earnings optimism, recovery hopes

(Reuters) – European stocks edged higher on Monday amid thin trading volumes due to a UK bank holiday, with sentiment remaining positive on hopes of a quick economic rebound and a strong earnings season.

The pan-European STOXX 600 index rose 0.2% in its first day of trading in May. The benchmark ended April with a 1.8% rise, falling just shy of its all-time highs.

Data showed German retail sales posted their biggest year-on-year increase in March since the start of the COVID-19 pandemic as easing of lockdown measures boosted purchases of clothes and shoes.

IHS Markit’s manufacturing activity reading for the euro zone is due later in the day.

German health technology company Siemens Healthineers rose 1.9% after it raised its full-year sales and profit forecast.

Wind turbine maker Siemens Gamesa fell over 3.5% as it warned it could earn less this year than previously expected.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

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