Europe Markets: Pops for Volvo, Roche help propel European stocks to higher close Express News
Stocks across Europe ended higher Wednesday, with a round of better-than-expected earnings reports kicking off trading in February.
The Stoxx Europe 600 index
rose 0.9% to finish at 363.20. The pan-European index on Tuesday fell 0.7%, ending January down by 0.4% after rising in the two previous months.
Movers: European equity investors had plenty of corporate reports to sift through on Wednesday. Topping the Stoxx 600, Volvo SE shares
charged up 4.7%. That move came after the Swedish automobile maker proposed raising its dividend following an 86% surge in fourth-quarter net profit to 4.82 billion Swedish kronor ($551 million), above expectations.
Siemens SE shares
gained 5.6% as the German engineering company raised its earnings projections for the fiscal year. It reported rises in quarterly profit and income from continuing operations that outstripped analyst estimates.
Also advancing were shares of Switzerland’s Roche Holding AG
, up 1.9% after the pharmaceutical giant said yearly profit rose 8% on strong sales of several drugs and diagnostic tools.
Spanish lender Banco Bilbao Vizcaya Argentaria SA
closed down 1.4%, as an early gain didn’t stick. BBVA’s quarterly net profit fell 28%, but was still ahead of forecasts.
Apple juices suppliers: Shares of some suppliers to Apple Inc.
were advancing after the iPhone maker late Tuesday posted quarterly earnings and revenue that beat Wall Street expectations.
Dialog Semiconductor PLC
added 4.2%, Gemalto NV
tacked on 0.7%, STMicroelectronics NV
rose more than 3%, and Infineon Technologies AG
moved higher by 0.9%.
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National indexes: Germany’s DAX 30
moved 1.1% higher to end at 11,659.50, and France’s CAC 40
added 1% to 4,794.58.
The U.K’s FTSE 100
edged up by 0.1% to close at 7,107.65.
was buying $1.0758, down from $1.0791 late Tuesday in New York. Peter Navarro, head of the new U.S. National Trade Council, said Germany is using a “grossly undervalued” euro to gain an advantage in trade, in a Financial Times interview published Tuesday.
Later Wednesday, the U.S. Federal Reserve will issue its first policy decision of 2017. The Fed is expected to stand pat, but investors are pricing in two interest-rate increases, in June and December.
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