European stocks hit record highs as earnings help dispel early gloom | Malay Mail

BRUSSELS, Aug 3 — Strong earnings updates from oil major BP, banks and others drove European stocks to record highs today even as concerns lingered over rising Delta variant cases and China’s regulatory moves.

French lender Societe Generale jumped 5.5 per cent after it lifted its profit forecast for the full year, while UK-listed Standard Chartered gained 1.0 per cent after it reported a higher-than-expected first-half profit. “Momentum stocks currently trade at an exceptionally large discount to both growth stocks and the European broad market,” analysts at BCA Research wrote in a note.

Dutch firm Prosus, which has a stake in Chinese tech giant Tencent, fell 5.3 per cent, while other online video gaming companies like Evolution, Ubisoft and Embracer were down between 1.6 per cent and 3 per cent.

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