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European Shares Close Mixed Wednesday

By Investors Hub

European stocks are turning in a mixed performance on Wednesday as investors digest weak regional data as well as upbeat earnings news from the likes of Credit Suisse, Novartis and SAP.

While the German DAX Index has advanced by 0.7 percent, the French CAC 40 Index is down by 0.3 percent and the U.K.?s FTSE 100 Index is down by 0.6 percent.

STMicroelectronics NV has moved notably higher after the company forecast 2.4 percent sequential net revenue growth in 2019.

Swiss banking giant Credit Suisse Group has also jumped after reporting an 8 percent rise in first quarter net profit, beating forecasts.

Volvo Group has also moved sharply higher. The multinational manufacturing company reported that its net income for the first quarter climbed to 10.62 billion Swedish kronor from last year’s 5.65 billion kronor.

Swiss drug giant Novartis and German software company SAP have also surged higher after raising their full-year profit outlooks.

On the other hand, Stockholm-listed online gambling operator Kindred Group has slumped after Swedish market costs contributed to a 50 percent decline in profit after tax.

Akzo Nobel has also moved to the downside. The Dutch paints and chemicals maker reported that its first quarter net income attributable to shareholders plunged to 65 million euros from last year’s 253 million euros.

In economic news, German business confidence unexpectedly weakened in April to its lowest level in three years, survey data from the Ifo Institute showed.

The Ifo business climate indicator dropped to 99.2 from an upwardly revised 99.7 in March. Economists had expected the index to climb to 99.9 from March’s original 99.6.

Separately, preliminary data from the statistical office INSEE showed French manufacturing confidence deteriorated for the first time in five months in April to its lowest level in over two-and-a-half years.

The manufacturing confidence index fell to 101 from a revised 103 in March.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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