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European stocks track Asia higher, earnings support; Dax up 0.43%

Stock MarketsNov 11, 2014 03:32AM ET
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European stocks rise on upbeat corporate earnings - European stocks were higher on Tuesday, tracking their Asian counterparts and helped by the release of upbeat corporate earnings reports, while talk of more stimulus by the European Central Bank continued to support.

During European morning trade, the DJ Euro Stoxx 50 gained 0.70%, France’s CAC 40 advanced 0.50%, while Germany’s DAX climbed 0.43%.

European equitiy markets remained supported after the ECB President Mario Draghi said late last week that the ECB would soon begin purchasing asset-backed securities to prop up the economy.

The program will run for two years and have a "sizeable impact" on the ECB’s balance sheet, Draghi said.

Royal Vopak (AMS:VOPA) saw shares surge 3.28% after the world's largest independent tank storage provider said earnings before interest and taxes increased in the third quarter.

Adding to gains, German manufacturer Henkel (XETRA:HNKG) rallied 1.82% after posting third-quarter earnings above projections and raising its full-year margin forecast.

Meanwhile, financial stocks were mixed, as BNP Paribas (PARIS:BNPP) slid 0.37% and Societe Generale (PARIS:SOGN) climbed 0.57% in France, while Germany's Deutsche Bank (XETRA:DBKGn) fell 0.26%.

Among peripheral lenders however, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) rose 0.13% and 0.30% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) gained 0.62% and 0.76%.

In London, FTSE 100 advanced 0.40%, led by Vodafone Group (LONDON:VOD), whose shares surged 4.07% after the telecom giant lifted its earnings forecast and reported a sharp improvement in quarterly revenue.

Financial stocks were also mostly higher, as HSBC Holdings (LONDON:HSBA) added 0.13% and the Royal Bank of Scotland (LONDON:RBS) rose 0.34%, while Barclays (LONDON:BARC) gained 0.36%. Lloyds Banking (LONDON:LLOY) underperformed however, down 0.33%.

In the mining sector, stocks were on the downside. Shares in Glencore Xstrata (LONDON:GLEN) dropped 0.50% and Rio Tinto (LONDON:RIO) tumbled 1.31%, while rivals Fresnillo (LONDON:FRES) and Randgold Resources (LONDON:RRS) plummeted 2.28% and 2.58% respectively.

Oil companies added to losses, with shares in BP (LONDON:BP) down 0.80% and Tullow Oil (LONDON:TLW) retreating 1.79%.

In the U.S., equity markets pointed to a higher open. The Dow 30 futures pointed to a 0.16% gain, S&P 500 futures signaled an 0.12% rise, while the NASDAQ 100 futures indicated a 0.17% increase.

European stocks track Asia higher, earnings support; Dax up 0.43%

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