European Stocks Higher; Strong Corporate Results Help Tone

European Stocks Higher; Strong Corporate Results Help Tone

European Stock Market News

European stock markets traded higher Wednesday, continuing the strong start to the new month, helped by impressive quarterly earnings from U.S. tech giant Alphabet (NASDAQ:GOOGL).

By 4:05 AM ET (0905 GMT), the DAX in Germany traded 0.4% higher, the CAC 40 in France climbed 0.3%, the U.K.’s FTSE 100 rose 0.7%, while the pan-European STOXX 600 index climbed 0.7%.

Market gains in Europe are consistent with the positive momentum seen globally as investors attempt a comeback after a dismal January, when the Stoxx 600 index dropped almost 4%. That was its worst month since October 2020.

Spectacular fourth-quarter earnings from Google parent Alphabet, released late Tuesday, set the tone Wednesday. The company reported record quarterly sales as its internet advertising business surged on consumers using Google search and advertisers lifted their marketing budgets.

The corporate news has also largely been positive in Europe.

Vodafone (NASDAQ:VOD) stock climbed 2.9% after the telecommunications company said it was on track to meet its full-year guidance, reporting a 2.7% rise in third-quarter group service revenue. It enjoyed growth in both Europe and Africa.

Novo Nordisk (NYSE:NVO) stock rose 3.1% after the Danish drug developer said it aims to generate sales growth of between 6% and 10% in local currencies in 2022.

Santander (MC:SAN) reported a surge in fourth-quarter net profit, but its stock fell 1.1% as the Spanish bank relied on lower loan loss provisions for its positive results, comparing unfavorably with some of its regional rivals.

Spectacular fourth-quarter earnings from Google parent Alphabet, released late Tuesday, set the tone Wednesday. The company reported record quarterly sales as its internet advertising business surged on consumers using Google search and advertisers lifted their marketing budgets.

The corporate news has also largely been positive in Europe.

Vodafone  stock climbed 2.9% after the telecommunications company said it was on track to meet its full-year guidance, reporting a 2.7% rise in third-quarter group service revenue. It enjoyed growth in both Europe and Africa.

Novo Nordisk  stock rose 3.1% after the Danish drug developer said it aims to generate sales growth of between 6% and 10% in local currencies in 2022.

Santander  reported a surge in fourth-quarter net profit, but its stock fell 1.1% as the Spanish bank relied on lower loan loss provisions for its positive results, comparing unfavorably with some of its regional rivals.

The FTSE MIB climbed up by 0.85% to 27,453.20. In the cash markets, the DAX  Germany was trading  up by 0.42%  to 15,695.65. CAC 40  in France  rose by 0.54% to 7,136.37 while the FTSE 100  in the U.K. was  up by 0.81% to 7,596.35 ,at the time of writing.

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