European bourses soar as L’Oréal outshines financials’ upset

by   |  VIEW 257
European bourses soar as L’Oréal outshines financials’ upset

On Wednesday, the 30th of October 2019, a basket of European bourses rose following buoyant earnings’ report from French personal care conglomerate L’Oréal which in effect had outstripped some slowdown frets stemmed out of China’s industrial profit plunge for three straight quarters in a row, while a softer-than-anticipated earnings’ report from some of the bloc’s largest lenders likes of Deutsche Bank alongside Santander capped Europe’s gain on Wednesday’s (October 30th) market.

Aside from that, hopes of a Fed rate-cut alongside further policy easing had outweighed concerns over reaching a Sino-US interim trade deal following Chile’s postponement of APEC summit alongside downbeat comment from a White House official earlier this week, as the regional pan-European STOXX 600 edged up 0.1 per cent following a 1.5 per cent gain in personal and household goods index .SXQP.

Meanwhile, citing a cautiously optimistic tone over European stocks’ earnings’ reports, a majority of which seemed to be ahead of earlier projections, portfolio manager at Hermes Investment Management, Martin Todd said on Wednesday’s (October 30th) European market closure, “We are almost half way through these earnings and growth seems to have been slightly ahead of forecast.

Overall it’s been quite positive for Europe”. Quoting statistics, on Wednesday’s (October 30th) market wrap-up, London’s FTSE 100 gained 0.34 per cent to 7,330.78 and French CAC 40 rose by 0.45 per cent to 5,765.87, while Germany’s trade-sensitive DAX shrugged off 0.23 per cent to 12,910.23 following a 5.3 per cent profit plunge of China’s industrial sector alongside renewed worries over reaching a Sino-US interim trade deal by mid-November.

Elsewhere in Europe, Italy’s MIB FTSE rounded off Wednesday’s (October 30th) market 0.68 per cent lower to 22,520.09, while Madrid’s benchmark IBEX 35 index shed 1.33 per cent to 9,260.20 on Wednesday’s (October 30th) market wind down.