5 Aug 2015
Euro Stoxx 600 strengthens on upbeat earnings and strong China data
FXStreet (Mumbai) - The European stocks rose on Wednesday on the back of strong quarterly corporate earning and robust service sector data out of China.
The Euro Stoxx 600 index is up more than 1% to trade around 402.89, after having suffered moderate losses in the previous session. The uptick seen today also contradicts slight losses on the Wall Street on Tuesday.
Societe Generale SA is the top gainer
Shares in French banker Societe Generale SA spiked more than 8% after the lender said that second-quarter net profit jumped 25%. Shares in Germany’s Beiersdorf AG also inched 3.5% higher after it reported that profit during the first half of the year had been boosted by strong sales in Latin America.
Shares in BHP Billiton, the UK miner, strengthened 4.7% along with a 3.7% gain in Rio Tinto. ArcelorMittal gained 3.7%. Miners are on the rise after the data in China showed Caixin/Markit Purchasing Managers' Index (PMI) rose to 53.8 from June's reading of 51.8, hitting the highest level since August 2014 and marking the 12th straight month of expansion.
Meanwhile, losing side includes National Bank of Greece; down 24.20% after sharp declines in the previous two sessions. Alpha Bank also declined 29.5%.
The Euro Stoxx 600 index is up more than 1% to trade around 402.89, after having suffered moderate losses in the previous session. The uptick seen today also contradicts slight losses on the Wall Street on Tuesday.
Societe Generale SA is the top gainer
Shares in French banker Societe Generale SA spiked more than 8% after the lender said that second-quarter net profit jumped 25%. Shares in Germany’s Beiersdorf AG also inched 3.5% higher after it reported that profit during the first half of the year had been boosted by strong sales in Latin America.
Shares in BHP Billiton, the UK miner, strengthened 4.7% along with a 3.7% gain in Rio Tinto. ArcelorMittal gained 3.7%. Miners are on the rise after the data in China showed Caixin/Markit Purchasing Managers' Index (PMI) rose to 53.8 from June's reading of 51.8, hitting the highest level since August 2014 and marking the 12th straight month of expansion.
Meanwhile, losing side includes National Bank of Greece; down 24.20% after sharp declines in the previous two sessions. Alpha Bank also declined 29.5%.