EUROPE MARKETS: AstraZeneca And Daimler Lead European Stocks Higher On Day Of Earnings Onslaught
By Steve Goldstein, MarketWatch
European stocks gained on Thursday, with investors bidding auto
makers and pharmaceuticals higher in the face of data showing a
The Stoxx Europe 600 rose 0.67% to 397.68. Of the 600
constituents, 39 reported results, and the average reaction to the
earnings was better than the index, says George Pearkes, macro
strategist at Bespoke Investment Group.
Speculation that the European Union will grant the U.K. an
extension to Brexit also helped buoy sentiment.
The German DAX increased 0.63% to 12879.37, the French CAC 40
gained 0.56% to 5685.22 and the U.K. FTSE 100 surged 1.02% to
The European Central Bank isn't expected to take any fresh
action at Mario Draghi's last meeting. "The economic data continues
to show underlying weakness in the eurozone, and we expect the ECB
to reiterate that risks are still to the downside," said Andrew
Harman, senior portfolio manager at First State Investments, who
expects further weakness in the euro.
That data includes the flash eurozone composite purchasing
managers index barely staying over the 50 mark in October. The
outlook in Germany in particular was worrisome, with the services
PMI falling to a 37-month low. Read:German economy continues to
struggle with manufacturing troubles spreading to services
AstraZeneca (AZN.LN)(AZN.LN) provided the largest upward pull to
the Stoxx 600, with the Anglo-Swedish pharmaceutical rising 3.3% as
cancer drug sales drove better-than-forecast third-quarter sales
Daimler (DAI.XE) rose 4.3% as the German auto maker reported a
better-than-forecast operating profit
Nokia (NOKIA.HE) (NOKIA.HE) plunged 20% as the Finnish telecom
equipment maker lowered its guidance for this year and next, citing
margin pressure, more 5G investments and additional digitalization
investments. The company also cited high costs linked to
first-generation 5G products, profitability challenges in China and
pricing pressure in early 5G deals.
Rival Ericsson (ERIC-B.SK) slipped 1.5%.
(END) Dow Jones Newswires
October 24, 2019 07:34 ET (11:34 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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