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(Bloomberg) — European stocks rose as traders parsed through a flurry of earnings. Energy shares were lifted by higher oil prices following US sanctions on Russian producers.
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The Stoxx Europe 600 closed 0.4% higher. Energy stocks outperformed as Brent crude jumped 5.7% after the US blacklisted state-run Russian giant Rosneft PJSC and Lukoil PJSC, citing Moscow’s lack of commitment to peace in Ukraine. Shell Plc climbed 2.9%.
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Many of Thursday’s best-performing stocks in Europe — Volvo Car AB, Kering SA, Rentokil Initial Plc, Metso Oyj, Nokia Oyj — are among the most shorted equities this year. Investors are addressing their underweight positions following results, according to Carl Dooley, head of EMEA trading at TD Cowen in London, who said a similar trend occurred in the US in the past months.
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Short Sellers Suffer as Kering to Volvo Car Beat Estimates
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Nokia surged to the highest level in more than three years after artificial intelligence and cloud demand boosted earnings. Volvo Car shares soared 38% as the automaker delivered better-than-expected profit, benefiting from its 18 billion-kronor ($1.9 billion) cost-saving program.
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SAP SE, Europe’s most valuable software company, fell 2.2% after saying that revenue from its key cloud business is trending toward the lower end of its guidance for the year. Evolution AB slumped 8% as the gambling firm missed earnings estimates on Asia weakness.
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European companies have reported mixed earnings after a strong start to the reporting season, driven by luxury companies like LVMH and Kering.
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Stocks in the region should hold up reasonably well heading into the year-end, said Daniel Murray, deputy chief investment officer at EFG Asset Management.
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“You’ve got the valuation gap with the US, you’ve got the positive narrative around German fiscal stimulus and you’ve got the seasonal factor,” he said.
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For more on equity markets:
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- UK Bulls Pin Hopes on Rate Cuts and Earnings Boost: Taking Stock
- M&A Watch Europe: Satellite Venture, LSEG, Kuehne + Nagel
- PE-Backed IPOs Seen Gaining Traction in the Gulf: ECM Watch
- US Stock Futures Little Changed; Beyond Meat, Molina Fall
- Rate Cut On: The London Rush
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—With assistance from Michael Msika.
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English (US)