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Market Update

European Markets Gain on Positive Earnings and Greek Outlook


Author: Lucy Stoeva
ticker.com
Last Update: 2:39 PM ET May 10 2016

4:00 PM Frankfurt, Germany – European shares advanced on Tuesday as positive developments in Greece’s debt negotiations and solid corporate earnings reports offset weak economic data. Credit Swiss posted better-than-expected results. Volkswagen is reportedly moving closer to fixing the vehicles related to the emissions scandal.

European shares advanced on Tuesday as positive developments in Greece’s debt negotiations and solid corporate earnings reports offset weak economic data.

In Greece, the Athens Composite Index gained 3.2% to 629.29 after the euro zone finance ministers approved changes in pension and tax reforms and ministers are likely to release bailout payment.

Eurobank Ergasias was the top gainer in Athens, up 13.6%.

Danish jeweler Pandora jumped 11.2% after a positive surprise in its first-quarter operating profit. The company also upgraded its full-year forecast.

Volkswagen soared 4.2% after the auto maker is reportedly moving closer to fixing the diesel vehicles in the U.S. related to the emissions scandal.

Credit Suisse gained 5% after the bank posted a lower-than-expected loss despite difficult market conditions.

Capita added 5.3% after the British outsourcing company projected organic revenue growth of at least 4% this year.

Shares of energy companies rose as oil prices pushed higher. Brent crude oil futures climbed 3.6% to $45.19 per barrel, while WTI crude oil futures added 2.07% to $44.34 per barrel.

Among oil shares, Tullow Oil gained 2.8%, Subsea 7 edged up 2%, Repsol rose 1.9%, and BP advanced 1.7%.

In Germany, industrial production unexpectedly dropped 1.3% in March from the previous month, the Ministry of Economics said, as both manufacturing and construction output fell.

However, industrial production was up 1.8% in the first-quarter compared to the previous quarter due to a strong start to the year.

In separate news, the German statistical agency Destatis announced that the trade surplus reached a record high of 23.6 billion in March, record since data gathering began in August 1990.

The trade surplus was driven by 1.9% increase in exports and 2.3% decrease in imports.

In France, industrial production dropped 0.3% in March from the previous month on weaker output in manufacturing, transport and food, the French statistical agency Insee said.

In London, the FTSE 100 gained 41.84, or 0.68%, to 6,156.65, while in Frankfurt, the DAX index added 64.95, or 0.65%, to 10,045.44.

In Paris, the CAC 40 index rose 15.40, or 0.36%, to 4,338.21.

Adecco SA plummeted 5% to 58.75 Swiss francs after the staffing company said net income fell 10% to €144 million from a year earlier.

First-quarter organic revenue rose 4% to €5.3 billion as solid growth in France and Italy offset sluggish sales in North America.

Credit Suisse AG jumped 5% to 14.10 Swiss francs after the bank posted a smaller-than-expected quarterly loss of 302 million Swiss francs amid restructuring and difficult market conditions.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc