Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

German earnings boost European stocks; Nokia shares dive

Stock Markets Oct 24, 2019 05:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt
 
MBGn
+2.03%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
PEUP
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NOKIA
-0.28%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BMWG
+1.53%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
OMXHPI
+0.40%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
STOXX
-0.19%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Lisa Pauline Mattackal and Agamoni Ghosh

(Reuters) - European shares gained on Thursday as upbeat results from German companies offset a dour profit forecast from Nokia and a mixed bag of business sentiment indicators ahead of the European Central Bank's October policy meeting.

The pan-European stock index (STOXX) rose 0.3% by 0815 GMT, on track to reach its highest level this month with German stocks (GDAXI) driven by robust earnings from Daimler and a confirmation from chemicals giant BASF of its annual outlook.

"Companies like BASF and Daimler which had reduced earnings earlier this year today said they aren't cutting their outlook any further," said Chris Bailey, European strategist at brokerage Raymond James.

"Even though that is not brilliant what you want to see as an investor is an end to the downgrades."

Daimler (DE:DAIGn) jumped 4.7% after higher sales of its Mercedes-Benz cars boosted operating profit for the third-quarter, helping the sub-index of auto stocks (SXAP) reach its highest since early May.

BMW (DE:BMWG) and PSA Group (PA:PEUP) both gained over 1%, lifting some of the gloom surrounding the sector after last week's poor results from Renault (PA:RENA) and Volvo (ST:VOLVb).

Healthcare stocks (SXDP) were also higher after AstraZeneca (L:AZN) gained 3.2% on a strong set of numbers that spurred another hike in its product sales forecast.

European markets entered the third quarter earnings season this month in nervous form, with signs that Germany was heading into recession weighing on expectations for growth across the region.

ECB chief Mario Draghi holds his last meeting on Thursday after eight years at the helm with monetary policy appearing to have reached its limits for the euro area. His successor Christine Lagarde is expected to ask member governments for fiscal support to help energize growth.

On a sour note, Nokia (HE:NOKIA) was on track for its worst day since 2001, plummeting 21% after cutting its 2019 and 2020 profit outlook as the company faces pressure from rivals in the 5G industry.

The telecom maker's report dragged tech stocks (SX8P) lower for a third straight day, and weighed on Helsinki-listed stocks (OMXHPI), which fell 2%.

German earnings boost European stocks; Nokia shares dive
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email