SAP, LVMH earnings nudge European stocks higher

Meanwhile, U.S. drugmaker Johnson & Johnson said it would delay rolling out its COVID-19 vaccine in Europe after U.S. health agencies recommended pausing its use following cases of rare blood clots.


Reuters | London | Updated: 14-04-2021 12:55 IST | Created: 14-04-2021 12:48 IST
SAP, LVMH earnings nudge European stocks higher
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European stocks inched up on Wednesday, as upbeat earnings from German software firm SAP and French luxury goods maker LVMH offset concerns about a potential setback to the continent's COVID-19 vaccination program.

The pan-European STOXX 600 index rose 0.1% by 0707 GMT, with technology and personal & household goods sectors among the top gainers. SAP rose 2.6% after it nudged its outlook for 2021 revenue higher after reporting first-quarter results that showed gains in cloud sales.

LVMH gained 2.5% after sales bounced back far more quickly than expected in early 2021 as Chinese and U.S. shoppers made the most of an easing of COVID-19 restrictions. Other luxury stocks including Kering, Richemont, and Hermes added between 0.9% and 1.9%.

Britain's biggest retailer Tesco fell 3% after reporting a 20% drop in full-year pretax profit. Meanwhile, U.S. drugmaker Johnson & Johnson said it would delay rolling out its COVID-19 vaccine in Europe after U.S. health agencies recommended pausing its use following cases of rare blood clots.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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