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EUROPE EYES HIGHER START AS EARNINGS KICK INTO HIGH GEAR
A higher start was in store for European stocks on Wednesday one day after London's FTSE 100 joined the club of indices making record highs as earnings optimism and easing geopolitical jitters pushed investors back into equities.
EuroSTOXX50 and FTSE futures pointed to another positive day ahead, up around 0.5%, and S&P 500 contracts also rose by 0.3% as Tesla kicked off the earnings cycle for U.S. technology heavyweights.
Even as its revenue missed estimates, Tesla's Frankfurt-listed shares bounced 12% after the electric vehicle maker promised new more-affordable models.
There were some notable disappointments though with luxury stocks in Europe coming into focus after Kering forecast a 40-45% plunge in H1 operating profit, sending its shares down 8% in early Frankfurt trade.
Elsewhere, wafer processing equipment supplier ASMI raised its Q2 revenue forecast, citing stronger-than-expected Chinese demand and higher sales in advanced logic and memory.
Swedish automaker Volvo Cars reported a rise in Q1 adjusted operating earnings, helped by lower material costs and higher volumes.
Roche said its Q1 sales slipped by 6% as the loss on COVID-19 related revenue was partly offset by a better-than-expected sales boost for eye drug Vabysmo.
Back to London, Lloyds reported its Q1 profit fell 28%, in line with expectations, as peaking interest rates and rising competition in the mortgage market squeezed margins.
Allfunds was also on the watchlist after the fund distribution company abandoned discussions over a potential sale, according to a Bloomberg News report.
(Danilo Masoni)
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YEN ON THE BRINK, BUT TESLA PULLS BACK CLICK HERE
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