European Stocks Rebound, Focus on Earnings
The STOXX 50 rose 0.9% and the STOXX 600 gained 0.6% on Thursday (July 17th), marking their first gains in six and five consecutive sessions, respectively, as investor attention shifted to corporate earnings. Chip stocks rebounded from the previous day's sharp decline, supported by positive results from TSMC.
Gainers included ASML Holding (+2.7%), Infineon Technologies (+2%), and STMicroelectronics (+3.7%). ABB shares surged more than 7% after reporting record order intake, and Volvo rose 0.7% after reporting better-than-expected earnings, with signs of recovery in Europe helping offset weak truck demand in North America. Swedbank rose 1.6% following strong quarterly results. Meanwhile, easyJet shares plunged more than 6% after warning that delays due to worsening air traffic control and rising fuel prices would weigh on full-year earnings. Meanwhile, Novartis shares plunged nearly 2%, despite the Swiss pharmaceutical giant beating earnings expectations and announcing a $10 billion share buyback.
Source: Trading Economics