EUROPE MARKETS: European Stocks Close With Gains As Earnings Roll In
July 26 2017 - 12:26PM
Dow Jones News
By Carla Mozee, MarketWatch
Peugeot, Lonza, Tullow among the day's big winners
Stocks across Europe finished higher Wednesday, as investors
sifted through the latest round of corporate earnings reports ahead
of the Federal Reserve's policy decision.
The Stoxx Europe 600 gained 0.5% to end at 382.74, after the
benchmark on Tuesday advanced 0.4%
(http://www.marketwatch.com/story/european-stocks-march-higher-as-german-businesses-take-euphoric-tone-2017-07-25).
Shares of Swiss medical and biotech industries supplier Lonza
Group AG (LONN.EB) and French car maker Peugeot SA
(http://www.marketwatch.com/story/peugeot-net-income-rises-41-2017-07-26)(UG.FR)
were among the gauge's big winners as they jumped 7.7% and 3.2%,
respectively, in the wake of the companies' financial reports.
Tullow Oil PLC (TLW.LN) finished 7.9% higher for the Stoxx 600's
biggest gain. Oil stocks got a lift from crude futures , which were
adding to their weekly gain
(http://www.marketwatch.com/story/oil-nears-two-month-high-as-eia-reports-a-drop-in-us-crude-supplies-for-fourth-week-in-a-row-2017-07-26)
as U.S. government data showed a drop in American supplies for a
fourth week in a row.
Meanwhile, the euro bought $1.1631, down from $1.1649 late
Tuesday in New York, as the dollar advanced against major rivals
ahead of the Fed's policy update later Wednesday.
But "recent data from the U.S. economy has been less than
exciting and does not seem to support Janet Yellen's view of the
economy," said Konstantinos Anthis, a researcher at ADS Securities,
in a note. "This has left investors unsure whether the Fed will be
able to pull the trigger again within 2017 unless data improves and
we see genuine growth in the economy."
European investors closely watch the Fed's moves, as they can
drive price changes in the euro and in government bonds, as well as
shift sentiment. The Federal Open Market Committee decision is due
at 7 p.m. London time, or 2 p.m. Eastern
See:Fed to stick to plans for rate hike, balance-sheet selloff
this year
(http://www.marketwatch.com/story/no-retreat-fed-to-stick-to-plans-for-rate-hike-balance-sheet-selloff-this-year-2017-07-24)
Read:Three ways Draghi could burn the euro bulls
(http://www.marketwatch.com/story/three-ways-draghi-could-burn-the-euro-bulls-2017-07-26)
Stock movers: Decliners included ASM International NV (ASMIY).
Shares fell 6.2% even as the Dutch chip maker posted growth in
second-quarter order intake.
Sage Group PLC shares (SGE.LN) lost 1.2% after the company said
revenue for software and software-related services dropped by 5.9%
for the first nine months of the fiscal year. The financial
software maker also said it's buying Intacct Corp., a cloud-based
financial management software maker based in San Jose, Calif., for
GBP654 million ($850 million).
National indexes: Germany's DAX 30 moved up 0.3% to close at
12,305.11. The index rose 0.5% on Tuesday after the closely watched
Ifo Institute in its survey of business sentiment described German
companies as "euphoric"
(http://www.marketwatch.com/story/german-business-sentiment-hits-record-high-in-july-2017-07-25).
The U.K.'s FTSE 100 picked up 0.2% to finish at 7,452.32, and
France's CAC 40 index rose 0.6% to 5,190.17.
(END) Dow Jones Newswires
July 26, 2017 12:11 ET (16:11 GMT)
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