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.

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.