European shares inched higher on Wednesday, led by automobiles and utilities stocks, as investors analysed a slew of mixed corporate earnings from heavyweights such as Deutsche Bank and Roche.
The pan-European STOXX 600 index ticked 0.1% higher as of 0712 GMT.
Eurozone bank stocks held back some gains as Deutsche Bank’s shares fell 2.7%.
Apart from the ongoing corporate earnings season, which investors are using as a gauge for the continent’s economy, all eyes are on the still-too-tight-to-call US election and the trajectory of interest rate cuts across major central banks.
L’Oreal reported a rise in third-quarter sales but said it was hit by low consumer confidence in China.
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Shares slumped 3%. British bank Lloyds beat expectations citing increasing financial confidence among its customers, sending its shares up 1.8%.
In Switzerland, Roche’s shares gained 0.5% after the company said third-quarter sales rose a currency-adjusted 9% on the back of Hemlibra and Vabysmo sales.
Shortly after market open, Thule was the top gainer in Europe, up 10%, after publishing its third quarter report.
Source: Brecorder
