Solid corporate earnings propel European stocks

04.02.2021 - Davydova Maria
Solid corporate earnings propel European stocks

European stock markets had an upbeat trading performance on Thursday as investors responded to solid corporate earnings turn out.

Germany’s DAX gained 0.5%; the CAC 40 in France added 0.5%; U.K.’s FTSE index jumped 0.6%; and Italy’s FTSE MIB increased 0.2%.

On the corporate side, Bayer stock inched up 5% after the German company sealed a $2 billion deal to resolve future legal claims that its widely used weedkiller Roundup causes cancer.

Nokia stock climbed 1.1% after the Finnish telecommunications player posted an upbeat fourth-quarter revenue, beating estimates, as it underwent a strategy revamp from new CEO Pekka Lundmark.

Meanwhile, retail sales for the euro zone are expected to bounce back in December after a steep downturn in November.

The Bank of England is also expected to keep its rates and bond purchases steady as it holds its policy-setting meeting. Negative rates are starting to fade into view as the U.K. is lifted by its brisk inoculation campaign.

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