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European stocks are little changed on earnings

Jul 28 2016 11:21
Namitha Jagadeesh and Roxana Zega

London - European stocks were little changed as investors assessed a slew of earnings reports.

Lender BNP Paribas, miner Anglo American and Adidas rose after releasing results, while shares of Royal Dutch Shell, JCDecaux and Dialog Semiconductor fell. On one of the busiest day for earnings updates this season, with more than 70 companies reporting, the Stoxx Europe 600 Index added less than 0.1% at 10:00.

The benchmark climbed to a one-month high yesterday after stalling for four straight sessions, helped by better-than-expected corporate results. European stocks remain below their pre-Brexit level, lagging behind peers in the US and Asia that have already recovered losses.

Lenders have suffered the most since the UK voted to leave the European Union, and regulators will publish their latest health check tomorrow.

Of the stocks moving on corporate results, here are some highlights:

* BNP gained 2.1% after its net income topped projections

* Credit Suisse climbed 2.3% after unexpectedly returning to profit in the second quarter

* Anglo American added 5.9% on better-than-forecast first-half sales and earnings

* Rolls-Royce jumped 8.1% after posting profit that beat predictions and saying it’s on course to deliver a stronger second half of the year.

* Logitech International rallied 7.5% after the maker of computer mice reported quarterly earnings that topped analyst estimates and boosted its 2017 estimates

* Adidas gained 4.2% after raising its full-year forecasts for sales and profit

* Shell slid 3.5%, dragging oil shares lower, after posting profit that was about half the average analyst estimate

* Dialog tumbled 11% after the semiconductor company cut its full-year sales forecast

* JCDecaux slipped 7.2% after saying it expects a slowdown in the UK after Brexit that will affect the local advertising market

* Saipem slid 8.9% after lowering its 2016 profit and sales forecasts.

Some shares were also active on deal news: Anheuser-Busch InBev fell 2.7% after SABMiller suspended an integration of the two brewers following a rebellion from shareholders who said they haven’t been compensated enough for the pound’s recent plunge.

european markets  |  equities  |  markets

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