Strong earnings push European stocks higher, DAX leads the show

FXStreet (Mumbai) – Stocks on the European bourses rallied on Wednesday, as traders across the Euro zone cheered positive earnings reports as well as mostly solid German and EU services PMIs.

The DAX remains the top performer so far across the European markets after Dutch financial giant ING said its net profit for the second quarter amounted to €1.36 billion from €1.07 billion booked last year, with its total underlying income climbing 10.3% year-on-year.

Also, personal care products maker Beiersdorf said its quarterly net profit improved by 19% y/y which led to the further gains in the index.

While on earnings results from the UK, the London Stock Exchange posted a 27% gain in its first-half adjusted operating profit, while half-year operating profit UK financial services company Legal & General improved by 18% from the prior year levels.

Meanwhile, Germany’s DAX 30 index trades + 1.11% at 11,583 while the UK benchmark FTSE 100 also trades 0.32% higher at 6,708. Among the other indices, the French CAC 40 index gains over 1% to 5,166, and the pan-European Euro Stoxx 50 is also up 1% at 3,655.

Stocks on the European bourses rallied on Wednesday, as traders across the Euro zone cheered positive earnings reports as well as mostly solid German and EU services PMIs.

(Market News Provided by FXstreet)