Investing.com – European stock markets rose on Thursday as investors digested third-quarter corporate earnings and the latest regional economic activity data.
As of 9:50 ET (13:50 GMT), German stocks were up 0.6%, French stocks were up 0.6% and British stocks were up 0.8%.
Featured PMI
Data released early Thursday showed business activity in the euro zone remained in contraction territory this month. Although there were some signs of hope.
The preliminary HCOB index compiled by S&P Global rose to 49.7 in October from 49.6 in September, but remained below 50, the dividing line between growth and contraction, for the second consecutive month.
Business activity in Germany, Europe's largest economy, contracted in October, according to PMI, but the decline was not as steep as in September.
In France, the second-largest economy in the monetary union, the main services sector contracted at its sharpest rate in seven months, while in the UK, outside the European Union, the PMI showed business growth at the slowest rate in 11 months. was shown to have been reported.
The central bank has already cut interest rates three times this year, each by 25 basis points (bp), raising hopes that the central bank will agree to a deep 0.5 percentage point cut in December.
barclays backed by investment banks
There are more gains for investors to digest on Thursday as third-quarter earnings season continues.
Barclays (LON:) shares rose after the British lender reported a strong rise in third-quarter net profit, with the company's investment bank benefiting from a surge in corporate trading and transactions during the period. This resulted in an increase of 5%.
unilever (LON:) The consumer goods giant posted underlying quarterly sales growth as it won back more shoppers with product innovation and modest price increases, posting its biggest volume increase in three-and-a-half years. The stock price rose 3% following the report.
Hermès (EPA:) shares rose 2% after the French company reported strong third-quarter sales growth, with its luxury handbags attracting wealthy shoppers. As a result, the company continued to outperform its competitors, which were hit hard by China's economic recession.
Danone (EPA:) Shares rose 2.6% after the French food company beat third-quarter sales estimates. This reflects increased sales volumes as price increases slow and strong demand in North America.
Orange (EPA:) shares rose 1.2% after the French carrier reported third-quarter profits that were slightly above market expectations, driven by strong results from its Africa and Middle East operations .
vice versa, travis perkins (LON:) Shares fell 4.6% after the UK-based building materials supplier cut its full-year profit outlook for 2024, giving it its second profit warning in just a few months.
Crude oil prices rebound due to Middle East concerns
Oil prices rose on Thursday, rebounding from losses in the previous session, on concerns that escalating conflict in the Middle East could affect supplies from the key region.
By 9:50 a.m. ET, crude oil futures (WTI) were up 1.6% at $76.16 a barrel; WTI futures were up 1.7% at $71.97 a barrel. It became.
Israel launched an attack on the Syrian capital Damascus early Thursday, according to Syrian state media, raising the threat of escalating conflict in the region amid growing expectations of an attack on Iran in retaliation for the October 1 attack. It became.
Oil prices have risen nearly 4% so far this week, paring last week's more than 7% decline as worries about Chinese demand and concerns about possible disruption from fighting in the Middle East ease. contributed to.
