European Stocks Beat a Volatile Session to Finish Higher.
London, Thursday, 28 July 2022
As investors analysed a deluge of earnings and economic data on Thursday, European equity markets rose in a choppy day, with Germany's DAX and the benchmark Stoxx 600 up nearly 1%.
Interest rate concerns subsided following the Federal Reserve's 75 bps rate hike on Wednesday. Following record-breaking profits, oil companies Shell and Total Energies increased their share buybacks, and Nestle upgraded its sales outlook while issuing a profit warning.
Contrarily, Santander's Q2 profits missed expectations due to a 50% increase in net loan loss provisions and downward pressure from Brazil, and Airbus slumped after lowering delivery plans and blaming supply problems.
On the data front, the annual inflation rate in Germany decreased in July, albeit by a smaller amount than anticipated, while consumer confidence in the Eurozone hit a new record low and the economic sentiment indicator decreased more than anticipated.
(Source: Trading Economics // Edit and reporting by: The Decision Maker – Finance editors)