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October 22, 2021

Home / Evergrande relief, earnings support European stocks

Evergrande relief, earnings support European stocks

Tajammul Pangarkar

Last updated on:October 22, 2021 Market.us

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

Tajammul Pangarkar

Tajammul Pangarkar is a tech blogger, and has contributed to numerous tech magazines. Tajammul longstanding experience in the field of mobile technology and industry research is reflected in his insightful news articles as presented on News.market.us. His interest lies in understanding the tech trends, mobile applications and technical consciousness on these increasingly consumer-oriented industries. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.

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