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European stocks rebound slightly as earnings support

Published 10/29/2020, 04:39 PM
Updated 10/29/2020, 04:40 PM
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Oct 29 (Reuters) - European stocks edged higher on Thursday
after strong earnings reports from companies including oil major
Royal Dutch Shell and chip equipment supplier ASM, but sentiment
remained fragile a day after a broad selloff on lockdown fears.
After a shaky start, the pan-European index .STOXX rose
0.4% by 0826 GMT, while the German DAX .GDAXI advanced 0.7%
and UK's FTSE 100 .FTSE and France's CAC 40 .FCHI inched
higher after touching multi-month lows on Wednesday.
Stock markets tumbled on Wednesday, after Europe's biggest
economies imposed nationwide restrictions almost as severe as
the ones that drove the global economy this year into its
deepest recession in generations.
All eyes are now on the European Central Bank, which is
expected to leave its monetary policy unchanged, but could pave
the way for action in December as the euro zone economy
struggles from a second wave of coronavirus outbreak.
The ECB is scheduled to announce its policy decision at 1245
GMT.
In a busy day for earnings, Royal Dutch Shell RDSa.L rose
2.0% as it lifted its dividend after easily beating
third-quarter profit forecasts. Dutch firm ASM International ASMI.AS gained 4.4% as it
raised its guidance for the fourth quarter. Nokia NOKIA.HE slumped 14.2% to the bottom of STOXX 600
after it cut its full-year profit forecast.

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