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(Bloomberg) — European stocks gained with attention turning to a slate of corporate earnings, while mixed US data boosted wagers on Federal Reserve rate cuts this year.
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The Stoxx Europe 600 Index was up about 0.6% by the close. Defensive sectors such as utilities and telecoms gained the most. Energy stocks tumbled as oil fell following a report that Iran is willing to forgo nuclear weapons in a deal with the US in exchange for sanctions relief.
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Deutsche Telekom AG gained 2.8% after first-quarter profit topped estimates, demonstrating the resilience of the carrier’s mobile business in its home market of Germany.
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Data Thursday showed prices paid to US producers unexpectedly declined in April by the most in five years, largely reflecting a slump in margins. A separate report showed retail sales barely rose. Traders are now fully pricing in two rate cuts from the Fed by December, according to swaps data.
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European stocks have rebounded over the past month after US President Donald Trump announced a reprieve on some tariffs. However, the benchmark had trailed US equities this week as the US-China trade truce sent investors back into American assets. The Stoxx 600 is still about 3% below its March record high.
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“Investors are looking for the next catalyst to drive markets higher,” said Panmure Liberum strategist Joachim Klement. “For now, we think it is too soon to sell, but we are living in a world of maximum optimism about trade deals and tax cuts. And this optimism is unfounded in the medium term.”
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In other earnings moves, shares of Ubisoft Entertainment SA, the video-game maker behind the popular Assassin’s Creed title, sank 18% as it forecast flat sales for the new fiscal year. Salvatore Ferragamo SpA shares dropped 3.1% as the Italian luxury-goods maker flagged a soft trading environment in April, with the economic outlook weighing on customer confidence. Allianz SE and Siemens AG also dropped after results.
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- Stake Sales Creep Back as Markets Stabilize Higher: ECM Watch
- US Stock Futures Fall; New Fortress Energy, CoreWeave Fall
- Burberry Slashes Staff: The London Rush
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