Europe stocks open higher amid earnings deluge; autos gain on tariff hopes
European stock markets opened higher on Wednesday, as investors pored through another slew of earnings along with euro zone economic growth data.
The Stoxx 600 index was up 0.44% at 8:08 a.m. in London after notching a sixth straight positive session on Tuesday, extending its longest winning streak since January. The U.K.’s FTSE 100 meanwhile closed higher for a 12th session, marking its best run since 2017.
The autos sector rose nearly 1% despite earnings weakness after U.S. President Donald Trump signed an executive order softening some of his automotive tariffs. The move maintains a 25% vehicle import rate but reduces the overall level as a result of additional duties on products such as steel and aluminum.
U.S. tariffs have unsurprisingly emerged as a key theme in early corporate results, with many citing the difficulty of forecasting, while bank profits beat estimates. Those trends continued Wednesday, with Swiss lender UBS reporting better-than-expected net profit of $1.692 billion in the first quarter, while auto giant Stellantis suspended its full-year guidance due to uncertainties.
Source : CNBC
