European shares rebound on earnings boost
2022.04.20 11:02
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 19, 2022. REUTERS/Staff
(Reuters) – European shares climbed on Wednesday after positive earnings reports from food and beverage companies, although worries over the Ukraine war, slowing growth and rising yields kept gains in check.
The pan-European STOXX 600 ticked up 0.5%, as banks and food & beverage stocks rose 1.3% each.
Meanwhile, mining and oil stocks fell 0.8% and 0.5%, respectively.
Danone jumped 7.2% after the French food group posted stronger-than-expected first-quarter sales growth and maintained its 2022 targets.
Heineken (OTC:HEINY) NV rose 3.3% after the company achieved a sharper rise in first-quarter beer sales as European bars reopened, allowing the firm to also stick to its 2022 forecast.
Credit Suisse (SIX:CSGN) fell 1.9% after the Swiss bank said it expects a first-quarter net loss and higher negative impacts from Russia’s invasion of Ukraine.
Meanwhile, German producer prices rose 30.9% on the year in March, reflecting the effects of the Ukraine conflict for the first time, data showed on Wednesday.
