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European shares lifted by positive earnings reports

Published 05/08/2020, 08:26
Updated 05/08/2020, 08:30
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 5 (Reuters) - European shares rose on Wednesday, as a
batch of positive earnings reports and the huge quantities of
stimulus coursing through the financial system again
overshadowed concerns about the surge in coronavirus cases in
Europe and the United States.
The pan-European STOXX 600 index .STOXX rose 0.7% by 0711
GMT, with the oil & gas index .SXEP leading gains after BP
BP.L extended gains for a second day.
Ahold Delhaize NV AD.AS , a major operator of supermarket
chains in the United States and Europe, jumped 5% as it raised
its sales outlook for 2020 after coronavirus lockdowns drove
more traffic through its stores and online delivery services.
German residential real estate company Vonovia VNAn.DE
rose 2.9% as it announced an 8% rise in first-half core profits
and confirmed its guidance for the year. However, BMW BMWG.DE slid 3% as lockdowns pushed the
carmaker to a second-quarter operating loss as deliveries of
luxury cars fell by 25% during the period. Investors have largely looked past a slump in profits for
European companies on the expectation that the trillions of
dollars central banks are injecting globally into the financial
system will prop up stock markets until recovery takes hold.
Companies listed on the STOXX 600 are expected to report a
decline of 67.5% in second-quarter earnings, down from a drop of
58.3% forecast the week before, according to Refinitiv data.

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