European Shares Rally After Upbeat Economic Reports
Jul, 30th 10:21
European stocks advanced amid earnings reports, extending gains after a report showed euro-area confidence unexpectedly rose in July.
Nokia Oyj jumped 8.5 percent after profitability at its network-equipment business improved. Royal Dutch Shell Plc climbed 3.9 percent as it announced cuts in jobs and investments, and agreed to sell a stake in a Japanese refiner. Renault SA slid 7.4 percent after its profit gain failed to keep pace with rival PSA Peugeot Citroen.
The Stoxx Europe 600 Index added 0.4 percent to 395.62 at 10:49 a.m. in London, after increasing as much as 0.7 percent earlier. A euro-area gauge of executive and consumer sentiment rose to a four-year high in July, while economists had called for a decline.
The Stoxx 600 has rebounded 2.6 percent since a five-day drop through Monday, amid deals and corporate results that beat predictions. The gauge has risen 3.8 percent in July, poised for its best monthly gain since February, as concern faded that Greece will exit the euro.
Technology and energy shares posted the biggest gains on the Stoxx 600 on Thursday, buoyed by rallies in Nokia and Shell respectively. Carmakers fell the most among 19 industry groups.