European stocks gain on rising earnings; Hexagon driven by record profit
European stocks rose for a third straight session on Wednesday, recouping nearly half of their January losses, as strong fourth-quarter earnings outweighed concerns over interest rate hikes ahead of key bank decisions central expected on Thursday.
The pan-European STOXX 600 index gained 0.6%, led by chemicals and financials. British online supermarket group Ocado was the best performer at the start of the trade, gaining 7.0% after Credit Suisse doubled the stock to “outperform” from “underperform”.
Swedish industrial technology group Hexagon gained 3.5% after beating market expectations with record quarterly profits. German chip supplier Siltronic added 3% after posting a 17% rise in quarterly profits and said it expected demand for semiconductors to rise.
Novo Nordisk climbed 1% despite missing expectations for fourth-quarter operating profit as the Danish drug developer said it aimed to deliver sales growth of between 6% and 10% in local currencies in 2022 Swedbank fell 2.9% after posting a fourth-quarter operating profit slightly below expectations as weaker fixed-income trading results weighed on and supply issues dampened growth. economic.
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