German, French stocks hit record highs, nudging European markets higher By Reuters
(C) Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 17, 2021. REUTERS/Staff
By Anisha Sircar (Reuters) – European shares hovered near record levels on Thursday fuelled by strong earnings, although weakness in commodity-related stocks due to declines in oil and metal prices limited gains. The pan-European climbed 0.1%, with auto stocks hitting a record high boosted by German carmaker Daimler (OTC:)’s 1.3% gain.
Berenberg initiated coverage on Daimler with “buy”, saying it expects the recently spun-off Daimler Truck to spark higher returns. “There’s a gradual creeping of money in to the European market,” said Graham (NYSE:) Secker, European equity strategist at Morgan Stanley (NYSE:). While gains for the STOXX 600 have been small recently, the benchmark index has risen 17 times over the last 19 sessions, helped by a stronger-than-expected earnings season and an accommodative monetary policy.
“General investor sentiment has been too cautious, but now as concerns through July, August and September about the U.S. and China slowdown and earnings season are starting to lift, that’s allowing equities to move higher,” Secker said , Switzerland’s SMI and 40 touched all-time highs during the session. Oil stocks were among the biggest drags on the index, down 1.1% after crude prices plunged on worries of a supply overhang and the prospect of China moving to release strategic fuel reserves. [O/R]
Miners slipped 0.6%, after London prices fell to their lowest in more than a month. [MET/L] Latest Refinitiv data shows profits of companies listed on the STOXX 600 are expected to rise 60.4% in the third quarter to 103.6 billion euros (£117.2 billion) from a year earlier, a dip from last week’s 60.7% estimate. “The Eurozone has seen larger earnings upgrades than other regions, and we forecast 60% earnings growth this year,” analysts at Swiss bank UBS wrote in a note.
Submarines-to-steel group Thyssenkrupp (DE:) jumped 4.9% after the company said its profit could more than double next year and it may take its hydrogen unit public. Playtech (LON:) rose 4.1% after receiving a takeover bid from JKO Play Ltd, a firm co-owned by former F1 boss Eddie Jordan. JKO joins a series of takeover bids for the British online gambling software developer.
A decliner was German auto supplier Continental, which fell 4.4%, after it announced the departure of its chief financial officer following a probe into the illegal use of defeat devices in diesel engines.
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.
- Royal Albert Modern Vintage NCRPNK25817 Teapot 1.25ltr, NCR, Fine Bone China,...
RRP PRICE: £80.00SALE PRICE: £69.65YOU SAVE: £10.35 About this item New country roses is a beautiful new addition to the Vintage patterns that […]
- WMF 0761506380 Fish Pan with Glass Lid
SALE PRICE: £110.83YOU SAVE: £9.37 About this item Fish pan with glass lid More information coming soon Content: 1x Serving pan coated oval 38 x 26 […]
- Dualit 72010 Cordless Jug Kettle, Black (Refurbished)
SALE PRICE: £82.18YOU SAVE: £6.29 About this item Fast boiling, the compact Lite Kettle uses a powerful 2.4kW element for a faster boiling time. […]
- BSF Cult Dinner set, 68pcs.
SALE PRICE: £123.35YOU SAVE: £5.81 About this item 18/10 high-grade stainless steel Corrosion resistant Dishwasher safe Knives are made out of one […]