Europe midday: Shares hold gains ahead of ECB policy meeting

by | Oct 28, 2021

European stocks clung on to gains on Thursday as investors waited for the European Central Bank policy meeting later in the day and digested a mixed slew of corporate earnings.
The pan-European Stoxx 600 index was up 0.12 in early trade with most regional bourses higher except Germany’s DAX, and Britain’s FTSE 100.

Wall Street closed in subdued mood as gains in Microsoft and Google parent Alphabet on the Nasdaq were offset by declines on the S&P 500.

In equity news, shares in Anheuser-Busch InBev surged as the world’s largest brewer reported a surge in third quarter sales beyond pre-pandemic levels as drinkers imbibed its more expensive brands.

Zur Rose soared by 8% as it teamed up with Roche to improve everyday therapy management and better address the needs of 60 million people with diabetes in Europe

Dental implant maker Straumann Holdings also gained as it reported a 30% rise in third quarter revenues.

Airbus shares were up as the world’s largest commercial planemaker raised full-year financial targets.

Software maker Nemetschek slumped despite reporting a rise in revenues and earnings and saying annual profits would be at the top end of expectations.

Spanish swimming pool equipment maker Fluidra fell 3% after earlier losses of almost 7%, despite a rise in profits and upgrade in sales forecasts.

THG shares continued their slide, down almost 6% to 224p, a far cry from their 799p peak in January as investors continued to dump the stock over corporate governance concerns.

Volkswagen shares were lower as the carmaker cut its deliveries outlook and reporting lower-than-expected quarterly profit due to global shortage of microchips.

Royal Dutch Shell was weaker as it reported lower-than-expected third-quarter adjusted earnings after taking a $400m hit from Hurricane Ida’s impact on operations.

WPP gained after the advertising giant upgraded its guidance for 2021 as it hailed a “very strong” third-quarter performance.

Lloyds Banking Group was also a high riser as it improved its full-year guidance after reversed bad debts contributed to a near doubling of third-quarter profit.

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