October 22, 2021
(Reuters) – European stocks opened higher on Friday as a surprise interest payment by debt-ridden China Evergrande Group buoyed global sentiment while strong earnings from L’Oreal and gains in tech stocks lent further support.
The pan-European STOXX 600 added 0.2% by 0707 GMT, while Asian shares rose on news that the Chinese property developer had wired funds for a dollar bond interest payment, days before a deadline that would have sunk the group into formal default.
European personal & household goods and tech were among the top gainers, up about 0.7% each.
French cosmetics major L’Oreal surged 5.4% after posting strong revenue growth on demand for its luxury lines and growth in China, while tissue maker Essity gained 5.2% after setting a new target to ramp up sales.
France’s Renault slipped 1.2% after the carmaker said its production losses this year would be far larger than previously forecast owing to a global chip shortage.
Swedish mining firm Boliden dropped 5.4% as its third-quarter operating profit fell below market forecasts, pressured by higher costs and lower volumes.
(Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu)
Source Link Evergrande relief, earnings support European stocks