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       EU0009658145

EURO STOXX 50

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European stocks rise as earnings lift sentiment ahead of Fed

07/28/2021 | 12:03pm EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European stocks gained on Wednesday as encouraging earnings reports from British bank Barclays and luxury group Kering helped investors look past worries about China's regulatory crackdown that kept markets on edge this week.

The pan-European STOXX 600 index rose 0.7% after two sessions of declines.

Barclays jumped 2.0% as it announced resumption of shareholder payouts after beating first-half profit expectations, while German lender Deutsche Bank edged up after it delivered a better-than-expected quarterly profit.

The tech sector was propped up by a 3.8% rise in Capgemini after the French consulting and IT services provider raised its 2021 outlook.

French luxury group Kering rose 3.6% as second-quarter sales nearly doubled, with its star fashion label Gucci accelerating sharply.

Analysts expect companies listed on the STOXX 600 to report profit growth of 120.8% in the second quarter versus 115.2% forecast last week, a Refinitiv IBES estimate found.

"The underlying foundations for the market remain as they were. We've got good companies producing better earnings," said David Miller, investment director at Quilter Cheviot Investment Management.

"Ratings are certainly higher than they were, but they're being backed up by earnings growth, and central banks continue to be supportive."

European stock markets outpaced Wall Street's benchmark S&P 500 index on Wednesday ahead of the U.S. Federal Reserve's policy decision later in the day, with investors waiting for any clues on the timing of tapering as policymakers face spiking inflation in the world's largest economy.

"It is unlikely to be a particularly exciting FOMC meeting, but there may be hints regarding the process of tapering of asset purchases," said Chris Beauchamp, chief market analyst at IG.

STOXX v SPX

Wizz Air jumped 8.0% after the Hungarian airline forecast capacity to ramp up to between 90% and 100% of pre-pandemic levels in July and August.

Other airlines, including easyJet and British Airways-operator IAG, also gained on Britain's decision to exempt double-vaccinated visitors from the European Union and the United States from quarantine.

In deal-making, Adecco Group tumbled 7.9% as it said it agreed to buy AKKA Technologies in a deal worth 2 billion euros ($2.4 billion), the biggest deal in the Swiss staffing company's 25-year history.

Telecom Italia edged 0.3% higher on saying it may seek investors for its cloud and wholesale undersea cable businesses as it looks to extract value from its assets.

(Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila and Barbara Lewis)

By Sruthi Shankar and Shreyashi Sanyal


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADECCO GROUP AG 0.35% 48.27 Delayed Quote.-18.41%
BARCLAYS PLC -0.57% 181.66 Delayed Quote.24.57%
CAPGEMINI SE -0.85% 192.35 Real-time Quote.51.70%
DEUTSCHE BANK AG -0.29% 11.058 Delayed Quote.23.57%
EASYJET PLC 3.92% 630.4 Delayed Quote.-9.79%
EURO STOXX 50 -0.94% 4130.84 Delayed Quote.16.28%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. 4.94% 149.5 Delayed Quote.-6.45%
KERING 2.36% 637.2 Real-time Quote.7.20%
TELECOM ITALIA S.P.A. 1.41% 0.3607 Delayed Quote.-4.43%
WIZZ AIR HOLDINGS PLC 2.60% 5042 Delayed Quote.10.78%
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Chart EURO STOXX 50
Duration : Period :
Euro Stoxx 50 Technical Analysis Chart | EU0009658145 | MarketScreener
Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Top / Flop EURO STOXX 50
KERING 637.2 Real-time Quote.2.36%
AMADEUS IT GROUP, S.A. 52.78 Delayed Quote.2.21%
FLUTTER ENTERTAINMENT PLC 179.25 Real-time Quote.1.82%
INDITEX 31.71 Delayed Quote.1.47%
ANHEUSER-BUSCH INBEV 48.995 Real-time Quote.1.22%
SCHNEIDER ELECTRIC SE 152.98 Real-time Quote.-2.71%
AIR LIQUIDE 143.8 Real-time Quote.-2.71%
CRH PLC 42.59 Real-time Quote.-2.90%
BASF SE 63.09 Delayed Quote.-3.07%
DEUTSCHE POST AG 58.95 Delayed Quote.-3.15%
Heatmap :