European Shares Gain Ahead Of ECB, BoE Rate Decisions

Business

European stocks were moving higher on Wednesday after top U.S. companies like Alphabet, Advanced Micro Devices and General Motors reported encouraging earnings results.

Google’s Alphabet reported better-than-expected fourth-quarter earnings in after-hours trading.

Advanced Micro Devices forecast 2022 revenue above expectations and General Motors forecast earnings ‘at or near record levels’ in 2022 while Starbucks posted earnings that came in below analysts’ expectations.

It’s a relatively quiet day on the economic calendar ahead of the ECB and BoE policy meetings, due Thursday.

The European Central Bank is unlikely to announce policy tightening anytime soon while investors await a second consecutive rate hike from the Bank of England.

The pan European Stoxx 600 rose 0.6 percent to 477.64 after rallying 1.3 percent in the previous session.

The German DAX gained half a percent, France’s CAC 40 index edged up 0.3 percent and the U.K.’s FTSE 100 was up 0.6 percent.

Swiss drug maker Novartis dropped 2.2 percent after its fourth-quarter operating income declined 3 percent despite higher sales.

Lender Julius Baer slumped 5.4 percent despite posting a 55 percent rise in 2021 net profit and raising dividend.

Danish drug developer Novo Nordisk jumped 3.2 percent after saying it is eyeing sales growth of between 6 percent and 10 percent in local currencies in 2022.

Swedish industrial technology group Hexagon rallied 3.4 percent after posting record quarterly earnings.

Swedbank plummeted 4.3 percent after reporting slightly worse than expected quarterly earnings.

British online supermarket group Ocado soared 7.4 percent after Credit Suisse upgraded its rating on the stock.

Airline Wizz Air Holdings rallied 1.1 percent after unveiling strong passenger traffic figures for January.

Telecommunications firm Vodafone jumped nearly 3 percent after reporting a rise in Q3 revenue and reaffirming its FY22 outlook.

TeamViewer jumped as much as 17 percent. The software company said its fourth quarter billings were up 20 percent from prior year, or up 17 percent in constant currency.

Chip supplier Siltronic rose over 2 percent after reporting a 17 percent rise in quarterly earnings.

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