Unilever Soars, European Stocks Rise
European stock markets rose on Tuesday (July 28th), buoyed by company performance reports and falling energy prices. The Euro STOXX 50 Index rose 0.2% to 6,294, while the STOXX Europe 600 gained 0.4% to 647.
Unilever shares surged 8.5% after the company raised its full-year sales forecast. Mercedes-Benz rose 2.9% thanks to better-than-expected earnings, while Safran and Orange each gained around 3%.
Germany's DAX Index rose 0.5% to 25,492, its highest level since July 6th. SAP surged more than 5% after continuing its €10 billion share buyback program and posting better-than-expected second-quarter results.
The UK's FTSE 100 also strengthened, breaking through 10,800. GSK shares rose around 4% after reporting strong earnings and announcing cost-efficiency plans, while Barclays fell nearly 6% despite raising its earnings target and announcing a £1 billion share buyback.
The technology sector remained under pressure due to concerns about high spending on artificial intelligence and increased competition from China. ASML fell 3%, Infineon slumped around 6%, and Siemens Energy fell around 7%.
The decline in oil prices also weighed on Shell and BP shares, but helped mitigate inflation risks and supported the broader market. European markets have the potential to continue strengthening if positive corporate reports continue and energy prices weaken, although pressure on technology stocks could still limit gains. (arl)
Source: Newsmaker.id
