European Shares Rise On Earnings

European stocks hovered near record highs on Tuesday as a set of upbeat earnings results helped offset concerns about spiking COVID-19 cases in Asia and Chinese regulation uncertainties.

The pan European Stoxx 600 edged up 0.3 percent to 465.64 after reaching a record high in the previous session. The German DAX was marginally higher, France’s CAC 40 index climbed 0.8 percent and the U.K.’s FTSE 100 was up half a percent.

BP Plc shares soared 4.6 percent. The oil & gas giant expanded its dividend and share buyback program after delivering better-than-expected second-quarter earnings.

Standard Chartered rallied 2.1 percent. The lender resumed interim dividend payout and announced a $250 million share buyback after posting a better-than-expected 57 percent jump in its first-half pretax profit.

Keller Group shares jumped 8.6 percent. The geotechnical specialist contractor reported a better than expected first half profit and said its performance for fiscal 2021 will be materially ahead of the board’s previous expectations.

Moto insurer Direct Line Insurance advanced 4.5 percent after reporting a rise in first-half profit and lifting dividend.

Carmaker Stellantis NV, created by merger of Fiat Chrysler and Peugeot maker PSA, surged 4.3 percent after raising its full-year profitability outlook substantially.

Societe Generale jumped 5.6 percent after the French lender swung back to profit in the second quarter and raised its forecast for the full year.

Frederic Oudea, the group’s CEO, said in a statement that the results for the first half of 2021 are the best in five years.

Dutch firm Prosus, which has a stake in Chinese tech giant Tencent, slumped 6.4 percent after Chinese state media branded online gaming “spiritual opium” in Beijing’s latest assault on tech and social habits.

German chipmaker Infineon Technologies fell over 1 percent after saying it was battling extreme tightness in its markets.

BMW tumbled 4.2 percent. The luxury carmaker warned the second half of the year would likely be affected by the global semiconductor chip shortage and rising raw materials prices.

Krones advanced 1.7 percent. The leading manufacturer of filling and packaging technology said its markets have so far recovered faster than expected from the pandemic-related downturn.

Software firm TeamViewer lost 4.7 percent. After reporting a fall in first-half profit, the company lowered its Ebitda-margin guidance for 2021.

Source: Read Full Article