European markets climb with earnings, economic data on the agenda, #European #markets #climb #earnings #economic #data #agenda Welcome to O L A S M E D I A TV N E W S, This is what we have for you today:
LONDON — European markets advanced on Friday as investors digested a fresh swathe of corporate earnings and awaited key economic data out of the euro zone.
The pan-European Stoxx 600 climbed 0.9% in early trade, with banks adding 2% to lead gains as all sectors traded in positive territory except health care, which fell 0.2%
Shares in Asia-Pacific were mixed overnight, with Hong Kong’s Hang Seng index dropping more than 2% as tech shares took a hit. Mainland Chinese shares also pulled back after Chinese leaders on Thursday signaled Beijing is unlikely to try to boost the economy, and downplayed the country’s gross domestic product target of “around 5.5%.”
U.S. stock futures rose in early premarket trade on Friday as strong quarterly reports from major tech companies, including Amazon and Apple, supported risk sentiment among investors.
The positive sentiment stateside comes despite a surprise 0.9% decline in U.S. GDP in the second quarter, confirmed by the Bureau of Economic Analysis on Thursday and deepening fears of a possible recession.
Investor focus in Europe on Friday will turn to second-quarter initial GDP figures and July harmonized inflation readings out of the euro zone, due at 10 a.m. London time.
Corporate earnings continue to drive individual share price movement in Europe. Standard Chartered, Santander, Renault, Air France-KLM, BNP Paribas, AstraZeneca, Engie and Swiss Re were among the major players reporting before the bell on Friday.
At the top of the Stoxx 600, Spanish-based investment company Allfunds Group gained 9% after its first-half earnings report.
At the bottom of the index, Dutch lighting company Signify fell 8.6% after cutting its annual targets as inflation ate into its second-quarter margins.
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