Earnings Lift European Stocks; Carrefour Tumbles on French Unrest Impact

Deep News10-22 00:40

European stocks advanced on Wednesday as investors assessed a wave of corporate earnings.

Carrefour plunged by the largest margin on record after warning that social unrest in France could hurt its profitability.

The Stoxx Europe 600 index closed 0.9% higher.

Technology and energy stocks were the strongest performers.

Brent crude traded near $109 a barrel as ships around the Strait of Hormuz faced attack threats that endangered shipping.

Automakers were the weakest sector.

Carrefour fell 13.8%.

The retailer said it faced an "unprecedented situation" in France, with roughly 50 of its stores attacked on the first day of riots last weekend.

Among other individual stocks, EssilorLuxottica SA jumped 15% as growth in its traditional eyewear business, including Ray-Ban, drove third-quarter revenue.

Svenska Handelsbanken AB dropped 3.0% after reporting lower net interest income for the third quarter.

A broadly positive third-quarter earnings season has helped stabilize European equities.

Previously, concerns over rising oil prices and borrowing costs, along with intermittent political turmoil, had pushed European stocks lower.

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