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London - Technology companies led European equities higher amid encouraging earnings announcements.
Software maker SAP climbed 3% after reporting second-quarter results that beat analyst projections.
ASML advanced 1.2% after Europe’s largest semiconductor-equipment maker said sales increased and gave a better-than-estimated gross margin outlook. Lonza jumped 5.1% as the Swiss developer of drug ingredients raised its annual guidance. Anglo American dragged miners lower, falling 6%, after cutting its copper production target.
The Stoxx Europe 600 Index added 0.3% at 09:27. The gauge has alternated between gains and losses each day since last week, after a rebound of more than 9% following the post-Brexit vote slump.
Investors now watching corporate earnings results are also waiting for Thursday’s European Central Bank meeting for clues about President Mario Draghi’s plans to limit the fallout of the UK’s decision to leave the European Union. Economists in a Bloomberg survey predict policy will remain unchanged, but fresh measures will be announced before the end of the year.
Among other companies moving on corporate news, Man Group fell 3.7% after the world’s largest publicly traded hedge fund manager said chief executive officer Emmanuel Roman is leaving and named Luke Ellis as his successor. Finnish industrial-engine maker Wartsila Oyj lost 5.4% after posting operating profit that missed projections.
Nordea Bank added 1.9% as its net fee and commission income topped predictions.
