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European markets in the green; defy earnings drop

By Jeff Davies

Positive sentiment has boosted investor confidence on Thursday after the midterm elections in the United States and pushed stock indexes higher in the main European exchanges.

Shares rallied overall despite a fall in the foreign trade surplus of Germany, which came on the back of a jump in imports to the Eurozone’s largest economy. Markets apparently ignored downbeat corporate results from a number of large lenders and industry heavyweights.

The FTSE 100 advanced 0.43% in early trade. Coca-Cola HBC was the best performer, jumping 2.52%. The DAX was up 0.44%, led by HeidelbergCement’s jump of 5.31%. The CAC 40 added 0.24% in Paris. Sodexo spiked 6.83% to the top of the chart, followed by a rally of 3.35% in Societe Generale. The French bank boosted profits 16.1% in the third quarter from one year before.

The euro was flat at $1.14385 and £0.87088 as of 8:20 am GMT. Major currencies were mostly little changed. The pound was marginally higher at $1.3138 and the dollar rose 0.14% to ¥113.6765. Gold lost 0.26% to $1.223.19 per ounce, compared to a drop in spot silver of 0.42% to $14.51.

Gold prices inched lower on the back of a stronger dollar as investors turn their focus to the Federal Reserve’s monetary policy decision due later today.

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