Home Stock European stocks struggle for traction. Shares of LVMH and SAP increased...

European stocks struggle for traction. Shares of LVMH and SAP increased according to the results


European stocks struggled to gain traction on Wednesday, as investors weighed concerns about the COVID-19 vaccine and looked into early fall earnings. Shares of SAP and LVMH Moet Hennessey and easyJet rose thanks to well-received results.

Stoxx Europe 600 index
SXXP,
+ 0.10%

inched 0.1 percent to 436.33, after rising slightly on Tuesday. DAX of Germany
DAX,
-0.10%

flat, FTSE 100
UKX,
+ 0.07%

increase 0.1%, while CAC 40 of France
PX1,
+ 0.37%

increase by 0.4%.

US stock futures
ES00,
+ 0.13%

YM00,
+ 0.03%

NQ00,
+ 0.17%

inching higher, after closing mostly higher on Tuesday, with a new record for the S&P 500
SPX,
+ 0.33%

and 1% increase for the Nasdaq Composite
COMP,
+ 1.05%
.

Investors suffered some disappointment on the vaccine front after US health authorities on Tuesday advised to suspend Johnson & Johnson’s
JNJ,
-1.34%

One COVID implantation due to blood clotting problems is “extremely rare” in six women. The Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices is scheduled to be held emergency meeting Discuss J&J vaccines later on Wednesday.

These officials said the cases were similar to blood clots found in a handful of people in Europe who were vaccinated with AstraZeneca’s
AZN,
-0.47%

AZN,
+ 0.70%

Shot. Johnson & Johnson is halting deployment in Europe, where it is having difficulty speeding up its vaccination program.

Investors are turning to the start of earnings season, with bank JP Morgan
JPM,
-1.19%
,
Goldman Sachs
GS,
-1.25%

and Wells Fargo
WFC,
-2.40%

all reported before the opening of Wall Street.

Read: The company’s earnings growth may reach decade-high levels despite the COVID-19 pandemic

Europe’s earnings also rose slightly, with shares in SAP
SAP,
+ 1.53%

SAP,
+ 4.39%

rose 4.2% and was close to the top of Stoxx’s 600 gainers after preliminary results for the first quarter2021 beat and guidance forecasts were slightly higher, as license revenue rose again and German business software maker saw a sharp rise in the new cloud business. .

“The result might alleviate some of the pessimism; Investors will want to understand how much bookings on the new cloud have increased and the speed at which the transition is through the cloud, ”a group of Jefferies analysts led by Julian Serafini said in a note to customer.

Not far behind is easyJet stock
EZJ,
+ 2.92%

after the low-cost carrier reported its pre-tax loss in the first half of fiscal 2021 was slightly better than expected. The amount of cash burned in the second quarter – a measure of how quickly a company spends money – was guided above.

And shares of LVMH Moet-Hennessy
LVMH,
+ 3.01%

up 2.6% after first quarter sales reached consensus thanks to strong performance by top brands. It was the first period that marked the integration of American jeweler Tiffany, whose natural revenue grew 35%, while core fashion, including Louis Vuitton and Dior brands, grew 52. %. Shares of Compagnie Financiere Richemont
CFR,
+ 1.82%

also increased by more than 2%.

The top losers were Tesco shares
TSCO,
-2.28%
,
3% discount after the grocery chain reported Decreased profit before tax for fiscal year 2021fuel costs caused by the pandemic. The company said it expects profits to improve next year due to lower spending.

Credit Switzerland
CS,
-0.75%

CSGN,
-1.02%

stocks down 1.2%. The Swiss bank giant on Tuesday flagged around $ 2.3 billion for problem loans in his Greensill Capital fund.

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