Fannie Mae, Freddie Mac shares tumble after conservatorship comments
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April 23 (Reuters) - European stock markets inched higher on
Thursday following a bunch of better-than-expected quarterly
earnings reports, even as investors braced for worsening
business activity data with the coronavirus outbreak battering
the global economy.
The pan-European STOXX 600 index .STOXX was up 0.3% at
0705 GMT, recovering for a second straight day after a historic
collapse in oil prices sparked a selloff at the start of the
week.
Kicking off the first-quarter earnings season for the big
European lenders, Credit Suisse Group AG CSGN.S posted a 75%
jump in profit, but cautioned the pandemic could impact
performance in coming quarters. Its shares rose 2.5%.
The STOXX 600 has bounced this month after hitting
eight-year lows in March as unprecedented global stimulus and
signs of easing in the coronavirus outbreak brought back bargain
hunters.
However, analysts have warned against a quick recovery as
the damage from a near shutdown in economic activity piles up.
Surveys on Europe's manufacturing and services sector due later
in the day are expected to mirror dismal readings from Asia.
SKF SKFb.ST , the world's biggest maker of ball bearings,
jumped 7.5% to the top of the STOXX 600 after reporting
better-than-expected first-quarter operating earnings.