European Shares Mixed As Earnings Pour In

European stocks were mixed on Friday as weak earnings from the likes of Sanofi, Remy Cointreau and NatWest offset robust U.S. economic data released overnight.

Energy stocks outperformed as oil prices surged on concerns over a widening of the Israel-Hamas conflict.

The pan European STOXX 600 was up 0.2 percent at 433.83 after declining half a percent on Thursday.

The German DAX rose half a percent and the U.K.’ s FTSE 100 edged up 0.2 percent while France’s CAC 40 was down 0.4 percent.

The euro traded lower against a basket of major rivals, a day after the European Central Bank kept rates steady as expected.

BP Plc jumped 2 percent and Shell added 2.1 percent as crude prices rose by over $2 a barrel after a U.S. military attack on facilities in Syria linked to Iran.

Italian energy giant Eni rose about 1 percent despite reporting a 67 percent fall in Q3 net profit.

Swedish home appliance manufacturer Electrolux slumped nearly 10 percent after third-quarter core profits came in below expectations.

SKF, the world’s biggest maker of industrial bearings, gained 1.5 percent after saying it is exploring strategic options to fully or partially exit non-core businesses.

Signify NV soared 10 percent after reporting robust quarterly core earnings.

British Airways-owner IAG declined 1.5 percent despite beating market expectations for profit in the third quarter.

NatWest Group shares plunged more than 10 percent after the Financial Conduct Authority said it had found “potential regulatory breaches” in its report into a banking account scandal that ousted NatWest CEO Alison Rose.

French spirits maker Remy Cointreau plunged 11 percent after slashing its sales outlook and lowering profit guidance.

Drug maker Sanofi plummeted 15 percent after it forecast lower profit next year and announced plans to split its consumer-healthcare and pharmaceutical business.

MTU Aero Engines rose 1.3 percent after the German aircraft-engine manufacturer reported higher adjusted sales and earnings for the third quarter and confirmed guidance for the year.

Covestro rallied 2 percent. The plastics and chemicals maker said that it is in talks with suitor Abu Dhabi National Oil Company (ADNOC) over a takeover approach.

On a light day on the economic front, France’s consumer sentiment improved marginally in October, survey results from the statistical office INSEE showed earlier today.

The consumer sentiment index moved up to 84 in October from 83 in September. The reading was forecast to remain unchanged to 83.

The survey was conducted between September 26 and October 18.

Source: Read Full Article