Evergrande relief, earnings support European stocks

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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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

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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