European Stocks Rise on Earning Reports
European markets reversed losses to close higher on Wednesday, driven by strong earnings across various sectors.
The Stoxx 50 rose 0.1%, while the broader Stoxx 600 gained 0.4%. Traders assessed earnings reports from companies like Handelsbanken, AkzoNobel, and Credit Agricole. Banco Santander led the Stoxx 600 with a 7% gain after posting record quarterly profits.
Pharmaceutical giant GSK climbed 6% after raising its long-term sales forecast and reporting higher full-year core operating profits. Denmark’s Novo Nordisk rose nearly 3% after exceeding fourth-quarter profit estimates, fueled by strong demand for its obesity drugs.
French oil major TotalEnergies also outperformed expectations, despite a 21% drop in full-year adjusted net income, with shares up 1.7%.
Source: Trading Economics