Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

European Stocks Higher; Shell, Airbus and Anglo American Shine

Stock MarketsJul 29, 2021 03:50AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters

By Peter Nurse - European stock markets traded higher Friday, helped by a series of positive corporate earnings after the Federal Reserve concluded its latest policy-setting meeting.

At 3:50 AM ET (0850 GMT), the DAX in Germany traded 0.2% higher, the CAC 40 in France rose 0.8% and the U.K.’s FTSE 100 climbed 0.5%.

The second-quarter corporate earnings season has been largely positive in Europe as companies benefit from the gradual removal of Covid restrictions as vaccination programs kicked in.

Royal Dutch Shell (LON:RDSa) stock rose over 3% after the oil major raised its dividend by almost 40% and said it will buy back $2 billion of shares, with its earnings boosted by stronger oil prices.

Airbus (PA:AIR) stock rose 3.9% after the world’s largest commercial planemaker sharply raised its forecasts for full-year deliveries and earnings, Anglo American (LON:AAL) stock climbed 3.7% after the miner increased its stock buyback program by another $2 billion, and ArcelorMittal (NYSE:MT) stock rose 4.4% after the steelmaker boosted its guidance for global steel demand after its best quarter since 2008. 

Telecoms equipment maker Nokia (HE:NOKIA) also continued its rocket-like ascent, rising 7.1% after raising its profit forecast for the second time in quick succession.

On the flip side, Credit Suisse (SIX:CSGN) stock dropped 3.9% after the Swiss banking giant posted a 78% fall in second-quarter net profit, hit by a sharp drop in its investment banking revenues. The bank also revealed that an independent external investigation into the Archegos scandal showed that it had failed “to effectively manage risk” but it had not been involved in any “fraudulent or illegal conduct”.  

European markets had received a positive handover from Asia after reports that Chinese authorities tried to calm market fears about a regulatory clampdown by calling banks and investors overnight. 

Additionally, Federal Reserve Chairman Jerome Powell indicated in his press conference, following the conclusion of the U.S. central bank’s latest two-day policy meeting, that the U.S. economy still had to make substantial progress on jobs before any form of tapering. 

This dovish tone would also have provided some comfort for a market fretting about high levels of inflation and the potential of central banks dialing down monetary support.

In economic news, Germany's seasonally-adjusted jobless total fell by 91,000 in July, far more than expected and driving the unemployment rate down to 5.7%, its lowest in 14 months. 

German inflation data for July are due later in the session, but eyes will also be on the release of the minutes of last week's European Central Bank meeting.

Elsewhere, oil prices rose Thursday, helped by U.S. crude supplies falling to their lowest level since January 2020, resuming their downward trend after last week’s surprise build.

Data from the U.S. Energy Information Administration, released late Wednesday, showed that crude inventories dropped by just over 4 million barrels during the week to July 23. 

These stocks rose for the first time in nine weeks the previous week, prompting concerns that demand was peaking in the world’s largest consumer. 

At 3:50 AM ET, U.S. crude futures traded 0.8% higher at $73.00 a barrel, while the Brent contract rose 0.6% to $74.33.

Additionally, gold futures rose 0.9% to $1,816.55/oz, while EUR/USD traded 0.2% higher at 1.1869.


European Stocks Higher; Shell, Airbus and Anglo American Shine

Related Articles

Wall Street pivots to value as Treasury yields rise
Wall Street pivots to value as Treasury yields rise By Reuters - Sep 27, 2021 7

By Stephen Culp NEW YORK (Reuters) - Wall Street began the last week of September and the quarter with investors backing value over growth on Monday as tech shares, hurt by rising...

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.

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

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
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.
Comments (2)
JFK ZA Jul 29, 2021 5:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Not yet Friday mate :-)
Umer Baig
Umer Baig Jul 29, 2021 4:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thursday today ?
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
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'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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email