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London - European stock investors weighed mixed corporate results on one of the earnings season’s busiest days, leaving the region’s equity benchmark little changed.
The Stoxx Europe 600 Index added 0.1% at 09:33, with AstraZeneca sinking 15% after a setback for its cancer therapy in one of the industry’s most-anticipated drug studies. Beverage companies Diageo and Anheuser-Busch InBev climbed at least 4.6% each after their results.
READ: AB InBev earnings beat estimates on SABMiller takeover savings
A long-awaited earnings revival has boosted European equities in 2017, even though a recent rally in the euro is stoking concern that it could derail the recovery. The single currency at $1.20 is seen as the pain threshold at which it would hurt profits, a survey showed.
• Food-and-drinks shares were the best performers in the Stoxx 600.
• Diageo rose after raising its three-year profitability goal and announcing a share buyback, while AB InBev reported quarterly earnings growth that beat analysts’ estimates.
Also active on corporate results:
• Deutsche Bank dropped 3.1% after warning that revenues of its operating businesses will decline this year.
• The lender on Thursday reported a 10% decline in second-quarter revenue, the weakest quarter in three-and-a-half years.
• Anglo American [JSE:AGL] added 3.3% after saying it will pay its first dividend since 2015 earlier than expected.
• Schneider Electric rose 4.4% after raising its full-year target for sales growth and agreeing to buy US power-systems maker ASCO Power Technologies for $1.25bn.
• Deutsche Boerse fell 4% after the exchange operator said it will take a better trading environment just to meet the low end of its 2017 earnings forecast.
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