European Equities Appreciate Amidst Disappointing Earnings News
By Investors Hub
European stocks have moved modestly higher on Tuesday, with hopes for a U.S.-China trade deal that could boost global growth offsetting disappointing earnings news from the likes of Pandora, Adecco Group and Telefonica.
While the German DAX Index has inched up by 0.1 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both up by 0.3 percent.
Specialty chemicals company Evonik Industries has moved sharply higher after the company reported that its net income for the third quarter surged to 1.48 billion euros from 329 million euros in the same period last year.
Luxury fashion brand Hugo Boss has also moved to the upside after saying it expects sales and operating profit to recover in the fourth quarter.
Shares of Associated British Foods are also seeing significant strength after the company delivered a ‘resilient’ performance over the last financial year.
On the other hand, Danish jewelry maker Pandora has slumped after it swung to an unexpected third-quarter net loss and cut its revenue growth guidance.
Adecco Group, a provider of human resources solutions, has also moved lower after its net profit and revenue fell for the third quarter.
Telefonica has also moved to the downside. The Spanish telecommunications firm slipped to a third-quarter net loss of 443 million euros, compared to last year’s profit of 1.14 billion euros, reflecting restructuring costs of 1.40 billion euros.