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Stocks - European Markets Open Higher, Fresh Earnings on Tap

Stock Markets Nov 16, 2017 03:45AM ET
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© Reuters. European markets move higher ahead of fresh earnings reports, data
 
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Investing.com - European markets opened higher on Thursday, as a fresh batch of corporate earnings reports was in focus, as well as final data on euro zone inflation.

The EURO STOXX 50 advanced 0.39%, France’s CAC 40 climbed 0.41%, while Germany’s DAX 30 was up 0.44% by 03:40 a.m. ET (07:40 GMT).

Financial stocks were broadly higher, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) added 0.09% and 0.17%, while Germany's Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) advanced 0.97% and 1.44%.

Among peripheral lenders, Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) gained 0.38% and 0.61% respectively. Italy's Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) underperformed however, with shares down 0.53% and 0.72%.

Elsewhere, Volkswagen (DE:VOWG_p) rallied 1.62% following reports the German carrmaker plans to spend €10 billion by 2025 to develop and manufacture all-electric and hybrid vehicles in a move to comply with new Chinese regulations.

On the downside, Sodexo (PA:EXHO) shares plummeted 3.31% after the food services company Sodexo said it will be buying food and beverage corporation Centerplate for $675 million in cash.

Shares in RWE AG (DE:RWEG) lost 1.37% after the German utility closed down 1,500 megawatts (MW) of lignite capacity on Wednesday. The decision was made after environmental activists blocked coal supplies at the company's Weisweiler site.

Exposure to coal is currently at the center of debates in Germany, where a new government is yet to be formed.

In London, FTSE 100 inched 0.2% higher, led by 3i (LON:III), whose shares surged 3.40% after the company reported a total return decline to £655 million in the six months to September 30, compared to £1 billion in the same period of 2016.

Royal Mail (LON:RMG) added to gains, with shares up 1.59% after the group said first-half revenue increased by 2% and that profit after tax almost doubled to £168 million.

Meanwhile, financial stocks were mostly lower as HSBC Holdings (LON:HSBA) fell 0.26% and Lloyds Banking (LON:LLOY) slipped 0.27%, while the Royal Bank of Scotland (LON:RBS) declined 0.28%. Barclays (LON:BARC) overperformed, with shares up 0.69%.

Mining stocks were also broadly lower on the commodity-heavy index. Shares in Glencore (LON:GLEN) slumped 0.29% and BHP Billiton (LON:BLT) slid 0.51%, while Rio Tinto (LON:RIO) dropped 0.52% and Fresnillo (LON:FRES) tumbled 1.43%.

GKN (LON:GKN) was one of the worst performers, as shares dove 7.01% after the engineering company surprised markets by announcing that Kevin Cummings, expected to become the group's chief executive in September, would now leave the company with immediate effect.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.20% rise, S&P 500 futures signaled a 0.28% gain, while the Nasdaq 100 futures indicated a 0.33% increase.

Stocks - European Markets Open Higher, Fresh Earnings on Tap
 

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