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European shares propped up by upbeat earnings

Published 19/10/2020, 08:21
© Reuters.
PHG
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BAER
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DANO
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LVMH
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PERP
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HRMS
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STOXX
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Oct 19 (Reuters) - European stocks rose in early trading on
Monday as strong earnings updates from Dutch firm Philips and
Swiss wealth manager Julius Baer overshadowed worries about
fresh coronavirus restrictions across the continent.
The pan-European STOXX 600 index .STOXX rose 0.8% by 0711
GMT, resuming gains after posting small weekly losses.
With European third-quarter earnings set to recover from a
pandemic-led slump, health technology company Philips PHG.AS
rose 3.2% as it reported a much better-than-expected 32% jump in
core earnings. Julius Baer BAER.S gained 5.3% after it indicated an
improvement in profitability for the first nine months of 2020
as client activity increased and it cut costs. Danone DANO.PA , the world's largest yoghurt maker,
advanced 2.3% as it reinstated its forecasts for 2020 and said
it was launching a review of its assets. Luxury stocks such as LVMH LVMH.PA , Hermes HRMS.PA and
Pernod Ricard PERP.PA rose more than 1% after China reported a
better-than-expected retail sales growth in September.

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