European stocks open higher after upbeat H&M, STMicro results

European stocks open higher after upbeat H&M, STMicro results

Reuters  | Oct 01, 2020 08:45

European stocks open higher after upbeat H&M, STMicro results

(Reuters) - European stocks rose on Thursday as Swedish retailer H&M and French-Italian chipmaker STMicroelectronics jumped after reporting forecast-beating results, while hopes of more U.S. stimulus aided global sentiment.

The pan-European STOXX 600 index (STOXX) rose 0.7% by 0707 GMT, with bourses in Paris (FCHI) and London (FTSE) up over 1%, while German stocks (GDAXI) rose 0.3%.

H&M (ST:HMb) rose 5.6% as it reported a third-quarter profit above analysts' expectations and said sales continued to recover in September. The retail index (SXTP) rose 1.3% to lead sectoral gains.

STMicroelectronics (PA:STM) jumped 3.5% after it forecast 2020 sales above previous estimate.

After European markets ended the third quarter in a subdued manner on worries about a resurgence in European COVID-19 cases, Brexit deal and the United States election, the mood brightened on Thursday amid signs of progress in a U.S. fiscal bill.

Final readings of September manufacturing activity for the euro zone and UK are due later in the day, with economists expecting recovery to remain intact after a coronavirus-induced hit.

© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

German drugs company Bayer AG (DE:BAYGn) slumped 12% to the bottom of STOXX 600 after announcing plans for more than 1.5 billion euros ($1.76 billion) of cost cuts as of 2024 and revealing impairment charges on its agricultural business.

 

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.

';