European shares head higher on upbeat earnings

  • Reuters
  • Stock Market News
European shares head higher on upbeat earnings
Credit: © Reuters.

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Feb 10 (Reuters) - European shares rose on Wednesday as a set of upbeat quarterly earnings reports from firms including SocGen helped boost optimism around a faster vaccine-led economic recovery this year.

France's Societe Generale SOGN.PA gained 2.9% after it beat profit forecasts for the fourth quarter, as charges related to the COVID-19 pandemic came in lower than expected. STOXX 600 index .STOXX rose 0.3% with commodity-linked shares .SXPP and banking stocks .SX7P leading gains. Most European indices were higher in early trading.

Dutch Bank ABN Amro ABNd.AS dropped 1.3% even as it reported a better-than-expected fourth-quarter net profit. conglomerate Thyssenkrupp TKAG.DE added 5.8% after it raised its full-year outlook citing improved demand, while online takeaway food company Delivery Hero DHER.DE was up 0.3% after reporting a 95% surge in full-year revenue. DAX .GDAXI rose 0.1%.

The world's largest container shipping line Maersk MAERSKb.CO was down 5.6% even after saying that a surge in demand for container shipping would boost earnings in the first quarter.

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