Left Menu
Development News Edition

UPDATE 1-European shares hit 3-month highs as Nestle, Airbus, AstraZeneca shine

UPDATE 1-European shares hit 3-month highs as Nestle, Airbus, AstraZeneca shine
Optimism about U.S.-China trade talks and strong results from Nestle, AstraZeneca and Airbus helped European shares extend their winning streak on Thursday to hit their highest in three months.

The pan-European STOXX 600 was up 0.5 percent at 0938 GMT, with Paris' CAC 40 up 0.6 percent, and London's FTSE 100 up 0.4 percent. The pan-European index was on track for its best weekly performance since early November. Frankfurt's trade-sensitive DAX was up 0.4 percent, showing resilience after GDP data revealed the euro zone's largest economy only just escaped falling into recession in the fourth quarter. GDP data for the whole bloc will be released at 1000 GMT.

"Given that on this occasion there were no obvious temporary factors dragging on the economy, this bodes ill for economic growth (in Germany) this year too," said Andrew Kenningham, chief Europe economist at Capital Economics. Chinese export and import data for January came in well ahead of expectations earlier, providing some relief for investors who will see that a sign of some recovery in the global economy more generally this year.

But markets continue to await signs of concrete progress in trade talks in Beijing, with latest reports saying U.S. President Donald Trump is considering pushing back a March 1 deadline for higher tariffs by 60 days. Closer to home, European industrial and consumer staple heavyweights stole the show on Thursday: Airbus delivered better-than-expected results, taking some of the sting out of news that Europe's largest aerospace group has abandoned its flagship A380 programme. Its shares jumped more than 5 percent to levels just shy of its record set last July.

AstraZeneca's fourth quarter sales topped forecasts and the British drugmaker forecast another year of growth, sending its shares up more than 4 percent. They were on track for their best day since July. Nestle, the world's top food and drinks maker, soared to all-time highs after giving an upbeat outlook for the year ahead on an improving outlook in China and North America.

The news lifted the food and beverage index 1.4 percent to its highest since November 2017. Banks were a mixed bag, with Commerzbank rallying after its quarterly results beat expectations, while results from Credit Suisse and Credit Agricole failed to ignite much love from investors. Their shares were down 2.3 percent and 1.1 percent respectively.

In healthcare, UK medical devices maker ConvaTec plunged almost 20 percent to record lows and the bottom of the STOXX 600 after full-year results. The company said Brexit could hurt sales in all European Union countries and its production plants, and it was making plans to stock up to deal with any potential supply disruption. (Reporting by Josephine Mason; editing by Danilo Masoni and John Stonestreet)

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



What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...

How India is being pushed towards commercialization of higher education

The reluctance of the present dispensation in pushing the higher education towards commercialization is not just limited to the fees hike in Jawaharlal Nehru University JNU. It seems the government is gradually implementing a plan which is ...


Latest News

Browns' Mayfield 'looked good' in return to practice

Cleveland Browns quarterback Baker Mayfield was back at practice Thursday after a one-day absence to rest his bruised right hand. Wearing a wrap on his throwing hand, according to reporters who attended practice, Mayfield looked good, per h...

BRIEF-CVC In Talks With FIFA About Acquiring Rights To Club World Cup - FT


UPDATE 3-U.S. says Iran may have killed more than 1,000 in recent protests

Iranian security forces may have killed more than 1,000 people, the top U.S. diplomat for Iran said on Thursday, since protests over gasoline price hikes began in mid-November, a crackdown U.S. President Donald Trump described as horrible. ...

UPDATE 1-Soccer-Everton sack manager Silva after derby humbling

Everton have sacked manager Marco Silva, the Premier League club said on Thursday, the day after the team slipped into the relegation zone following a humiliating 5-2 defeat by Merseyside rivals Liverpool.Silva, who arrived at Goodison Park...

Give Feedback