European Stocks Higher On Strong Earnings

European markets continued to stay in positive territory on Thursday on the strength of key earnings reports, even as investors continue to monitor Russia’s move over Ukraine, including gas supply issues.

Recovery in Asian markets following overnight gains in Wall Street also contributed to the positive sentiments.

The pan European Stoxx 600 gained 1.2 percent to 449.42.

The U.K.’s FTSE 100 Index gained 1.1 percent to 7,503.79, France’s CAC 40 index grew 1.6 percent to 6,547.81, and German DAX gained 1.7 percent to 14,022.63.

In the previous session,FTSE 100 rallied 0.53 percent, CAC 40 added 0.48 percent, DAX gained 0.27 percent, while the pan-European Stoxx 600 closed flat.

In economic data releases, Sweden Central Bank raised its repo rate To 0.25 percent from 0.00 percent. March retail sales in the country grew 1.2 percent annually.

Further, Denmark March retail sales were down 10.8 percent year-over-year.

In a busy day for major earnings, Standard Chartered Plc gained 16.2 percent. The British bank reported higher first-quarter profit, and lifted fiscal 2022 income growth view.

French energy giant TotalEnergies SE gained 4 percent after first-quarter profit climbed on strong prices, despite weak production. The company took a $4.1 billion writedown on its Russian gas project.

HelloFresh SE, a German meal-kit company, was up 7 percent. The company expects first-quarter revenue and adjusted EBITDA above market expectations. The company also confirmed its fiscal 2022 outlook.

Barclays grew 3 percent after first-quarter group income gained, despite weak pre-tax profit.

Consumer goods giant Unilever shares were slightly higher as first-quarter turnover increased, but it now sees fiscal 2022 margin at low end of previous outlook range.

Glencore went up 2 percent despite reporting weak production its first quarter.

Finnish communications company Nokia Corp. grew 2 percent. The company’s first-quarter profit declined, but net sales increased and the company maintained fiscal 2022 outlook.

German consumer major Beiersdorf AG gained 1 percent after first-quarter group sales climbed 14 percent, and the company confirmed its forecast of mid single-digit sales growth for 2022.

Danish brewer Carlsberg A/S gained 1.1 percent after reporting higher revenues and volume in the first quarter. The company maintained fiscal 2022 earnings outlook.

French drug major Sanofi was up 0.2 percent after reporting higher profit for first quarter and backed business earnings per share growth forecast for fiscal 2022.

Losers of the day included Delivery Hero, which was down 9 percent, despite reporting a 52 percent rise in first-quarter total segment revenue. The company also confirmed full-year guidance.

Nordea Bank Abp was down 1.7 percent following weak first-quarter earnings.