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European (SXXP) stocks rose, snapping the biggest four-day selloff since July, as companies from Remy Cointreau SA (RCO) to Syngenta AG and Nestle SA (NESN) reported results. U.S. index futures also advanced, while Asian shares fell.
The Stoxx Europe 600 Index gained 0.5 percent to 285.08 at 10:26 a.m. in London.
Some 29 companies on the S&P 500 including Morgan Stanley, Google Inc. and Microsoft Corp. will report results today. In Europe, seven companies on the Stoxx 600 will also post earnings, according to data compiled by Bloomberg. Of those that have posted results so far, 64 percent have beaten estimates for profit.
Remy Cointreau added 1.5 percent to 87.20 euros after the maker of Mount Gay rum reported a 12 percent increase in fourth- quarter organic sales, aided by demand for pricier variants of its Remy Martin cognac during the Chinese New Year holiday. That exceeded the median 8.6 percent growth estimate of 10 analysts surveyed.
Syngenta climbed 4.3 percent to 394.60 euros after the world’s largest maker of crop chemicals reported a 6 percent increase in first-quarter sales to to $4.60 billion, buoyed by Brazilian operations that helped offset weaker demand for seeds and crop chemicals in parts of Europe. That met the $4.57 billion average analyst estimate.
Debenhams Plc climbed 7.5 percent to 86.55 pence, for the biggest advance on the Stoxx 600. The U.K.’s second-largest clothing retailer reported first-half pretax profit of 120.3 million pounds ($184 million), in line with analyst estimates.
Nestle slid 0.9 percent to 63.75 Swiss francs after the company posted a 4.3 percent increase in first-quarter sales, excluding acquisitions, divestments and currency swings. That fell short of the 4.7 percent average analyst estimate. Higher prices contributed 2 percent to sales growth, more than analysts’ estimates of 1.2 percent.
At that moment:
FTSE 100 6,274.33 +30.12 +0.48%
CAC 40 3,634.68 +35.45 +0.98%
DAX 7,551.27 +48.24 +0.64%
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