Investing.com – European stock markets were higher on Thursday, rebounding from an 11-month low as insurers led gains following a series of upbeat earnings reports, while shares in the financial sector advanced after a well-received Spanish bond auction.
During European morning trade, the EURO STOXX 50 jumped 0.75%, France’s CAC 40 advanced 0.5%, while Germany’s DAX 30 climbed 0.7%.
Shares in French insurance firm AXA jumped 3.9% after it said first half net profit quadrupled from a year earlier to EUR4 billion, boosted by revenue related to sales of assets in China, Australia and New Zealand.
Dutch banking and insurance company ING Groep surged 5.2% after its second quarter net profit rose 24% to EUR1.51 billion, beating expectations for revenue of EUR1.44 billion.
Meanwhile, Spanish lenders Banco Santander and BBVA saw shares climb 1.45% and 1.7% respectively after Spain sold EUR3.31 billion of bonds at an auction earlier. Shares in BNP Paribas rose 2.1%, while Societe Generale gained 1.6% following the news.
In London, the FTSE 100 shed 0.3% as shares in the financial sector were dragged down by Lloyds Banking Group after reporting disappointing earnings.
Lloyds shares tumbled 3.3% after it said that it swung to a first half net loss of GBP2.31 billion, due mainly to its previously announced GBP3.2 billion provision to cover bad loans.
The downbeat results weighed on shares of rivals Barclays and Royal Bank of Scotland, which dropped 1.65% and 2.8% respectively.
On the upside, Unilever saw shares climb 6.5% after reporting a 10% gain in first half profit despite what it termed “difficult markets.”
Later in the session, the Bank of England and the European Central Bank were expected leave interest rates on hold at 0.5% and 1.5% respectively.
Meanwhile, the outlook for U.S. equity markets was downbeat ahead of earnings reports from packaged food manufacturers Kraft Foods and Dean Foods, as well as insurance provider American International Group.
The Dow Jones Industrial Average futures pointed to a loss of 0.25%, the S&P 500 futures shed 0.2%, while the Nasdaq 100 futures slipped 0.4%.
Later Thursday, the U.S. was to publish government data on initial jobless claims, as well as a report on natural gas stockpiles.
During European morning trade, the EURO STOXX 50 jumped 0.75%, France’s CAC 40 advanced 0.5%, while Germany’s DAX 30 climbed 0.7%.
Shares in French insurance firm AXA jumped 3.9% after it said first half net profit quadrupled from a year earlier to EUR4 billion, boosted by revenue related to sales of assets in China, Australia and New Zealand.
Dutch banking and insurance company ING Groep surged 5.2% after its second quarter net profit rose 24% to EUR1.51 billion, beating expectations for revenue of EUR1.44 billion.
Meanwhile, Spanish lenders Banco Santander and BBVA saw shares climb 1.45% and 1.7% respectively after Spain sold EUR3.31 billion of bonds at an auction earlier. Shares in BNP Paribas rose 2.1%, while Societe Generale gained 1.6% following the news.
In London, the FTSE 100 shed 0.3% as shares in the financial sector were dragged down by Lloyds Banking Group after reporting disappointing earnings.
Lloyds shares tumbled 3.3% after it said that it swung to a first half net loss of GBP2.31 billion, due mainly to its previously announced GBP3.2 billion provision to cover bad loans.
The downbeat results weighed on shares of rivals Barclays and Royal Bank of Scotland, which dropped 1.65% and 2.8% respectively.
On the upside, Unilever saw shares climb 6.5% after reporting a 10% gain in first half profit despite what it termed “difficult markets.”
Later in the session, the Bank of England and the European Central Bank were expected leave interest rates on hold at 0.5% and 1.5% respectively.
Meanwhile, the outlook for U.S. equity markets was downbeat ahead of earnings reports from packaged food manufacturers Kraft Foods and Dean Foods, as well as insurance provider American International Group.
The Dow Jones Industrial Average futures pointed to a loss of 0.25%, the S&P 500 futures shed 0.2%, while the Nasdaq 100 futures slipped 0.4%.
Later Thursday, the U.S. was to publish government data on initial jobless claims, as well as a report on natural gas stockpiles.