{"id":112031,"date":"2021-04-14T09:18:17","date_gmt":"2021-04-14T09:18:17","guid":{"rendered":"https:\/\/fin2me.com\/?p=112031"},"modified":"2021-04-14T09:18:17","modified_gmt":"2021-04-14T09:18:17","slug":"sap-lvmh-earnings-nudge-european-stocks-higher","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/sap-lvmh-earnings-nudge-european-stocks-higher\/","title":{"rendered":"SAP, LVMH earnings nudge European stocks higher"},"content":{"rendered":"

(Reuters) -European stocks inched up on Wednesday, as upbeat earnings from German software firm SAP and French luxury goods maker LVMH offset concerns about a potential setback to the continent\u2019s COVID-19 vaccination programme.<\/p>

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 25, 2021. REUTERS\/Staff<\/figcaption>

The pan-European STOXX 600 index rose 0.2%, with technology stocks leading gains with a 1.0% rise after their U.S. peers rallied overnight.<\/p>\n

SAP jumped 4.2% as it nudged its outlook for 2021 revenue higher after reporting first-quarter results that showed a rise in cloud sales.<\/p>\n

LVMH gained 3% to hit a record high after sales bounced back far more quickly than expected in early 2021 as Chinese and U.S. shoppers made the most of easing COVID-19 restrictions.<\/p>\n

Other luxury stocks including Gucci-owner Kering, Richemont and Hermes added between 1.2% and 1.7%.<\/p>\n

\u201cStrong brand desirability and pricing power are enabling LVMH group brands to reinforce its leadership position in the global luxury goods market, consistently,\u201d Deutsche Bank analysts said.<\/p>\n

Later in the day, all eyes will turn to U.S. banks including JPMorgan Chase, Goldman Sachs and Wells Fargo that are set to publish their quarterly reports.<\/p>\n

European stocks have notched all-time highs in the recent days on hopes of a strong quarterly reporting season, as well as a rapid recovery in the global economy despite a resurgent COVID-19 pandemic.<\/p>\n

Earnings for companies listed on the STOXX 600 are expected to jump 55.7% in the first quarter, according to Refinitiv IBES data, more than the 47.4% rise forecast a week earlier.<\/p>\n

\u201cMarkets seem to be erring on the side of taking positive views rather than negative,\u201d said Connor Campbell, analyst at SpredEx. \u201cInvestors pretty much seem focussed on optimism around post-COVID recovery.\u201d<\/p>\n

There were worries about the pace of vaccination, as Johnson & Johnson said it would delay rolling out its COVID-19 vaccine in Europe after U.S. health agencies recommended pausing its use following cases of rare blood clots.<\/p>\n

Britain\u2019s biggest retailer Tesco fell 2.7% after reporting a 20% drop in full-year pretax profit.<\/p>\n

Shares in Credit Suisse dropped 1.3% to a fresh five-month low as it continued to unwind positions in several companies related to last month\u2019s meltdown of Archegos Capital, according to traders.<\/p>\n

British airline easyJet rose 2.9% after saying it expected to start to fly more from late May onwards.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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