European Shares Head Higher on Upbeat Earnings

European shares rose on Wednesday as a set of upbeat quarterly earnings reports from firms including SocGen helped boost optimism around a faster vaccineled economic recovery this year.

Frances Societe Generale gained 2.9 after it beat profit forecasts for the fourth quarter, as charges related to the COVID19 pandemic came in lower than expected.

The STOXX 600 index rose 0.3 with commoditylinked shares and banking stocks leading gains. Most European indices were higher in early trading.

Dutch Bank ABN Amro dropped 1.3 even as it reported a betterthanexpected fourthquarter net profit.

German conglomerate Thyssenkrupp added 5.8 after it raised its fullyear outlook citing improved demand, while online takeaway food company Delivery Hero was up 0.3 after reporting a 95 surge in fullyear revenue.

Germans DAX rose 0.1.

The worlds largest container shipping line Maersk was down 5.6 even after saying that a surge in demand for container shipping would boost earnings in the first quarter.

Reporting by Shashank Nayar in Bengaluru; Editing by Shounak Dasgupta

Source Reuters

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