Timid recovery for European shares as earnings dominate, Deutsche Bank disappoints

  • Reuters
  • Stock Market News
Timid recovery for European shares as earnings dominate, Deutsche Bank disappoints

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LONDON, April 26 (Reuters) - Encouraging results and a recovery among industrials helped European stock markets on Thursday, while earnings disappointments weighed heavily on some stocks including Germany's Deutsche Bank .

The STOXX 600 .STOXX inched up 0.2 percent in early deals, enjoying a timid bounce from the one-week lows hit in the previous session when anxiety over rising bond yields jolted risky assets.

Bank earnings were also a key focus.

Deutsche Bank DBKGn.DE fell 2.6 percent after the bank said it would scale back its bond and equities trading in a major overhaul of its investment bank, after reporting a 79 percent drop in net profit in the first quarter. stock is down more than 27 percent year-to-date, the worst-performing of the European banks sector .SX7P .

Norway's largest bank, DNB DNB.OL , jumped 6.2 percent meanwhile after profit beat expectations as a pick-up in activity in the oil sector wiped the bank clean of loan losses. notable gainers, Finnish oil refining firm Neste NESTE.HE topped the STOXX, jumping 11.5 percent after reporting first-quarter sales comfortable topped analysts' estimates. majors moved in opposite directions after results.

France's Total TOTF.PA gained 0.8 percent after it reported record production lifted profits, while Royal Dutch Shell RDSa.L declined 1.8 percent despite reporting a 42 percent rise in first-quarter profit.

German forklift maker Kion blamed a slowing in the market for weaker than expected first-quarter order intake. Its shares tumbled 8 percent. in Philips Lighting LIGHT.AS , the world's largest lighting maker, fell 8.4 percent after the firm reported lower than expected first-quarter earnings due to falling sales and margins, especially in its U.S. market. Semiconductor Industries BESI.AS sank 9 percent to the bottom of the STOXX 600 after its results. Semiconductors across Europe have been under pressure recently as sentiment on the tech sector turns more pessimistic.

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