European Stocks Climb After Strong Earnings From HSBC, AB InBevBy
European stocks rose as better-than-forecast results from companies including HSBC Holdings Plc, Anheuser-Busch InBev NV and Royal Dutch Shell Plc added to optimism for an earnings recovery in the region.
The Stoxx Europe 600 Index rallied 0.7 percent to close at the highest level since August 2015. The benchmark has gained 8.5 percent this year, with annual profit at its members forecast to grow 14 percent.
- Earnings dominated investor focus on Thursday, with HSBC up 2.9 percent after posting a surprise increase in first-quarter profit. Anheuser-Busch InBev climbed 5.2 percent after the world’s largest brewer reported earnings and sales growth that beat estimates.
- France’s CAC 40 Index rose 1.4 percent to close at a nine-year high following last night’s TV debate between presidential candidates Emmanuel Macron and Marine Le Pen. Macron was seen as the winner of the debate, according to an Elabe poll.
- For an equity guide to Le Pen, click here, and for one on Macron, click here.
- Miners fell for a fourth day as metal prices plunged amid signs of ample supplies of copper, concern over the outlook for demand in China and a stronger dollar.
- Next Plc slid 3.1 percent after the U.K. clothing retailer trimmed its profit forecast three months into its financial year
— With assistance by Elena Popina