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European market: earnings, economic data

LONDON – European stocks traded higher on Wednesday morning as investors summed up a new round of corporate earnings and important economic data from the euro zone.

Europe’s Stoxx 600 was up 0.8 percent in early trading, with base resources adding 2 percent to lead gains as all sectors except cars entered positive territory.

Most of Asia-Pacific stocks weakened on Wednesday after a sell-off of state-run technology stocks, with key markets in China and Japan remaining closed for the holidays. US futures indicate a cautiously positive turn on Wall Street later in the day.

European stocks rebounded on Wednesday after sharp criticism at the end of Tuesday̵

7;s session, with the tech sector plunging 3.8 percent as global tech stocks tumbled amid worries about high value and a sharp fall. The economy is reopened after the strict coronavirus constraints that have had a significant impact on technology

The PMI (Purchasing Managers Index) reading and Final Services for April are due out of Italy, Germany, France and the wider eurozone on Wednesday morning, offering insights into the group’s economic recovery status. Currency

Eurozone producer prices for March will also be published.

It was another busy day for corporate earnings Wednesday in Europe, with Stellantis, Allianz, Commerzbank and Deutsche Post DHL Group among the pre-bell reports.

Deutsche Post raised its financial guidance after more than three times its first-quarter earnings jump, sending shares 2.6 percent higher in early trade.

Stellantis increased revenue in the first quarter to 37 billion euros ($ 44.5 billion), but warned that a global semiconductor shortage could have a harder impact on second-quarter production.

Danish facility management firm ISS A / S saw a 7 percent increase in stock in early trading to lead the Stoxx 600 after earnings reports.

At the bottom of the index, Virgin Money UK was down 7% on its first quarter results.

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