We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

Europe close: Stocks push higher as US earnings season kicks into high gear

Fri 15 October 2021 16:55 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

Market latest

FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7122.32 | Negative 6.89 (0.10%)
Graph

Prices delayed by at least 15 minutes

(Sharecast News) - European shares finished higher on Friday as strong US corporate earnings overnight helped to drive sentiment.

"Earnings season has only just begun to hit its stride, but if it continues in a similar vein to the past few days equities will continue to find support," said IG chief market analyst Chris Beauchamp.

"After a tough few weeks risk assets are back in vogue, helped by the disappearance of the debt ceiling concerns for now. The growing supply crunch, typified by the rows of ships waiting outside harbours, is still the bigger concern however, and something that isn't going away any time soon. Stocks have found their footing again it seems, and are in a good place to keep moving higher for the time being."

The pan-European Stoxx 600 index rose 0.74% to 469.39, alongside a 0.81% gain on the German Dax to 15,587.36.

In Paris, the Cac-40 notched up a gain of 0.63% to 6,727.52.

Pacing gains, the Stoxx 600 Travel&Leisure sub-index was higher by 1.97%, alongside a 1.79% advance for Banks and a 1.57% gain in Oil&Gas.

Reports of declining Covid-19 case numbers on either side of the Atlantic and Washington' plans to reopen travel to foreigners who have been fully vaccinated on 8 November was likely boosting Travel names such as IAG.

Across the Pond, Wall Street was extending its rally from overnight with the S&P 500 trading back at its best level since March, helped by stronger-than-expected earnings out of Goldman Sachs.

This provided a lift for Deutsche Bank, Bank of Ireland and Virgin Money.

Oil majors were up on the back of higher oil prices, with Brent oil trading a touch below $85 from $83.75 on Thursday. BP and Shell rose as a result.

In other equity news, shares in fashion retailer Hugo Boss gained after the company raised its outlook for the current year after third-quarter earnings rebounded on the back of strong demand in Europe and the Americas.

Rio Tinto slipped after the Australian miner cut its 2021 iron ore shipments forecast, citing a tight labour market in Western Australia.

Shares in education publisher Pearson fell 14.9% to the bottom of the Stoxx despite backing full-year forecasts. A rise in sales was dampened by lower US course enrolments due to Covid-19.

Swiss banking software firm Temenos shares were right behind plunging more 14% after missing third quarter revenue estimates.

Finnish retailer Kesko climbed 6.5% by late morning deals after Inderes raised the stock to 'accumulate' from 'reduce'.

    Daily market update emails

    • FTSE 100 riser and faller updates
    • Breaking market news, plus the latest share research, tips and broker comments

    Register now for free market updates

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.