Live Markets: Europe eyes higher start as earnings kick into high gear

Allfunds

24/04/2024 07:47

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    EUROPE EYES HIGHER START AS EARNINGS KICK INTO HIGH GEAR
        A higher start was in store for European stocks on Wednesday one day after London's FTSE
100 joined the club of indices making record highs as earnings optimism and easing geopolitical
jitters pushed investors back into equities.
    EuroSTOXX50  STXEcv1  and FTSE  FFIc1  futures pointed to another positive day ahead, up
around 0.5%, and S&P 500  ESc1  contracts also rose by 0.3% as Tesla  TSLA.O  kicked off the
earnings cycle for U.S. technology heavyweights.
    Even as its revenue missed estimates, Tesla's Frankfurt-listed shares bounced 12% after the
electric vehicle maker promised new more-affordable models.
    There were some notable disappointments though with luxury stocks in Europe coming into
focus after Kering  PRTP.PA  forecast a 40-45% plunge in H1 operating profit, sending its shares
down 8% in early Frankfurt trade.
    Elsewhere, wafer processing equipment supplier ASMI  ASMI.AS  raised its Q2 revenue
forecast, citing stronger-than-expected Chinese demand and higher sales in advanced logic and
memory.
    Swedish automaker Volvo Cars  VOLCARb.ST  reported a rise in Q1 adjusted operating earnings,
helped by lower material costs and higher volumes.    
    Roche  ROG.S  said its Q1 sales slipped by 6% as the loss on COVID-19 related revenue was
partly offset by a better-than-expected sales boost for eye drug Vabysmo.
    Back to London, Lloyds  LLOY.L  reported its Q1 profit fell 28%, in line with expectations,
as peaking interest rates and rising competition in the mortgage market squeezed margins.
    Allfunds  ALLFG.AS  was also on the watchlist after the fund distribution company abandoned
discussions over a potential sale, according to a Bloomberg News report.
    
    (Danilo Masoni)
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