Breaking News
Get 40% Off 0
🔎 See NVDA's full ProTips for an instant risks or rewards Claim 40% OFF

European stocks mixed; strong AstraZeneca numbers help U.K. outperform

Published Jul 28, 2023 18:22
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EUR/USD
+0.13%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UK100
-0.73%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAU/USD
-0.04%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FCHI
+0.22%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE40
+0.29%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CLN
+0.36%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - European stock markets traded in a mixed fashion Friday, as investors digested a week of corporate earnings, important central bank decisions and economic data.

At 03:55 ET (07:55 GMT), the DAX index in Germany traded 0.2% lower, the CAC 40 in France dropped 0.4%, while the FTSE 100 in the U.K. traded 0.3% higher.

Earnings season continues

European stocks have begun handing back some of Thursday's healthy gains, although strong earnings from pharma giant AstraZeneca (LON:AZN) have supported the U.K. market on Friday

AstraZeneca stock rose 3.5% after the drugmaker delivered better-than-expected profits and sales in the second quarter as a strong performance of its blockbuster cancer drugs helped offset the loss of COVID-19 vaccine sales. The company also announced its unit Alexion (NASDAQ:ALXN) has agreed to buy Pfizer's (NYSE:PFE) early-stage rare disease gene therapy portfolio for up to $1 billion.

Elsewhere, Sanofi SA (EPA:SASY) stock fell 2.4% despite the French drugmaker increasing its guidance for full-year earnings, Vinci (EPA:SGEF) stock rose 0.3% after the French concessions and construction group reported a jump in its half-year core profit, and Amundi (EPA:AMUN) stock rose 0.6% after Europe's biggest fund manager posted better-than-expected quarterly net inflows.

Swiss specialty chemicals maker Clariant (SIX:CLN) impressed with its second-quarter core profit, helped by price hikes in catalysts as well as adsorbents and additives businesses.

ECB hints at September pause

Sentiment was boosted on Thursday in the wake of the European Central Bank's latest policy-setting meeting, which saw the central bank raising interest rates by 25 basis points to a 23-year high on Thursday.

However, President Christine Lagarde surprised the market by hinting that this tightening run, which currently consists of nine consecutive rate hikes, could soon be coming to an end.

"Do we have more ground to cover? At this point in time I wouldn't say so," Lagarde said during the press conference that followed the most recent rate increase, while stressing that the ECB's decisions would depend on incoming data.

This followed the Federal Reserve also raising interest rates on Wednesday, while the Bank of Japan surprised by shifting the boundaries of its yield curve control policy, potentially a slight tightening of its very loose monetary policy.

European inflation data in focus

Data released earlier Friday showed that inflation in the German state of North Rhine-Westphalia, the country’s most populous state, rose 0.2% on the month in July, an annual rise of 5.8%, below the 6.2% expected.

Additionally, French annual inflation came in at 4.3% in July, a drop from the previous month’s 4.5%, and while the Spanish equivalent climbed to an annual 2.3%, this is still well below most of the other countries in the eurozone.

French gross domestic product also climbed 0.5% in the second quarter, an improvement from the revised 0.1% growth in the previous quarter, and also better than expected.

Oil prices near three-month highs

Oil prices edged higher Friday, on course for another positive week after the release of data showing that the U.S. economy grew more than expected in the second quarter, driving down fears of a recession that could potentially dent oil demand this year.

The data also came amid increasing signs of tightness in the oil market, as the effects of production cuts by Saudi Arabia and Russia began to be felt.

By 03:55 ET, the U.S. crude futures traded 0.1% higher at $80.13 a barrel, while the Brent contract climbed 0.1% to $83.83.

Both contracts were set to add between 2.5% and 3.5% this week, their fifth straight positive week, having climbed to three-month highs during the previous session.

Additionally, gold futures rose 0.1% to $1,947.70/oz, while EUR/USD traded 0.2% lower at 1.0947.

European stocks mixed; strong AstraZeneca numbers help U.K. outperform
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email