European shares propped up by upbeat earnings

  • Reuters
  • Stock Market News
European shares propped up by upbeat earnings
Credit: © Reuters.

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Oct 19 (Reuters) - European stocks rose in early trading on Monday as strong earnings updates from Dutch firm Philips and Swiss wealth manager Julius Baer overshadowed worries about fresh coronavirus restrictions across the continent.

The pan-European STOXX 600 index .STOXX rose 0.8% by 0711 GMT, resuming gains after posting small weekly losses.

With European third-quarter earnings set to recover from a pandemic-led slump, health technology company Philips PHG.AS rose 3.2% as it reported a much better-than-expected 32% jump in core earnings. Baer BAER.S gained 5.3% after it indicated an improvement in profitability for the first nine months of 2020 as client activity increased and it cut costs. DANO.PA , the world's largest yoghurt maker, advanced 2.3% as it reinstated its forecasts for 2020 and said it was launching a review of its assets. stocks such as LVMH LVMH.PA , Hermes HRMS.PA and Pernod Ricard PERP.PA rose more than 1% after China reported a better-than-expected retail sales growth in September.

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