- STOXX 600 hits two=week high
- U.S. inflation rises solidly in September
- LVMH higher after Q3 results
- Apple suppliers fall on iPhone report
Oct 13 (Reuters) – European stocks rose on Wednesday as upbeat earnings forecast from German software group SAP and robust quarterly sales for French luxury goods maker LVMH helped soothe worries about inflation.
A decline in banks (.SX7E) led to UK’s FTSE 100 (.FTSE) gaining only 0.2%, while lender heavy indices of Spain (.IBEX) and Italy (.FTMIB) lagged. JPMorgan (JPM.N) kicked off third quarter earnings in the United States with earnings trumping expectations, but its shares and the broader banking sector there (.SPXBK) fell. read more
Europe’s most valuable tech company SAP (SAPG.DE) rose almost 4% after it raised its full-year outlook for a third time following a strong quarterly showing as more customers shift their IT operations to the cloud. read more
French luxury goods maker LVMH (LVMH.PA) added 3.2% as sales at its fashion and leather goods division rose strongly in the third quarter but overall revenue growth in Asia and the United States eased after a stellar first-half performance. read more
Also helping sentiment was data that showed China’s export growth unexpectedly accelerated in September. read more
Meanwhile, inflation data from the United States showed a solid rise in September, keeping the Federal Reserve on track to start tapering in November. U.S. federal funds futures priced in an interest rate hike by September, 2022 after the data. read more
“Inflation is the main factor capable of shifting stock markets in the upcoming months,” said Alberto Matellán, chief economist at Spanish insurer MAPFRE Inversión.
“The recent rebound is due to external shocks… By responding to external shocks, the spike in inflation should be temporary and subside when these shocks do.”
Worries about central banks exiting their pandemic-era stimulus, a global energy crunch and signs of elevated prices have all dampened the outlook for economic recovery, with the STOXX 600 cutting monthly gains to trade up about 1% after stumbling 3.4% in September.
Third-quarter profit for STOXX 600 companies is seen rising 46.7%, as per Refinitiv IBES data, after a 152.6% jump in the previous quarter, with energy and industrial companies driving the biggest gains.
Our Standards: The Thomson Reuters Trust Principles.
- US stocks dip with energy prices; European stocks sink
- Why the 'devil' coronavirus has hit European stocks hard
- RPT-GRAPHIC-Why the 'devil' coronavirus has hit European stocks hard
- Global stocks extend European stimulus-inspired rally
- Some WeWork staff planned their lives around a stock deal that just collapsed
- Dow Jones suffers its worst quarter since 1987 due to coronavirus, ASX expected to rise
- Oil prices and energy stocks surge on Wall Street, Australian shares follow
- EMERGING MARKETS-Latam stocks, currencies up on day but mark record quarterly losses
- Sell-on-rise in Maruti, Cummins, Piramal, RBL Bank
- Bharti Airtel share price up 4% as Motilal Oswal sees 44% upside on strong ARPU
- Lucky 7: HDFC Securities picks fundamentally strong stocks for your portfolio
- Bet on these 33 stocks having low financial leverage, strong competitive positioning
- COVID-19 — a make-it or break-it moment for the European Union
- Kotak advises accumulating these 10 large-cap stocks amid virus-led uncertainty
- Coronavirus: 'Green shoots' for stock markets as China data limits doom
- ASX rises, Wall Street closes with mixed results amid predictions coronavirus fallout could be worse than GFC
- Asian shares rise following stimulus-led surge on Wall St
- Sino Biopharm Announces 2019 Annual Results
- Coronavirus live updates: Unemployment rate rises to 4.4%
- 'Don't worry about the fall, add more equity to portfolio as macros strongly favour India'
European stocks rise on strong SAP, LVMH results have 657 words, post on www.reuters.com at October 13, 2021. This is cached page on Business News. If you want remove this page, please contact us.