Swedish earnings, Daimler support European stocks ahead of EU summit

European shares edged higher on Friday as focus turned to Brussels where European Union leaders are expected to hammer out details of a 750-billion-euro recovery fund, with positive earnings updates from Ericsson, Daimler and other firms also supporting gains.

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 16, 2020. REUTERS/StaffREUTERS: European shares edged higher on Friday as focus turned to Brussels where European Union leaders are expected to hammer out details of a 750-billion-euro recovery fund, with positive earnings updates from Ericsson, Daimler and other firms also supporting gains.

The pan-European STOXX 600 index rose 0.2per cent by 0714 GMT, with automakers jumping 1.8per cent after Daimler AG said it expects to post a smaller-than-expected operating loss in the second quarter.Sweden's main stock index jumped 0.9per cent, with truck maker Volvo AB and telecom equipment maker Ericsson reporting better-than-expected core profits, while Swedbank AB reported a smaller-than-expected fall in net profit.

Euro zone stocks were up 0.1per cent after rallying in the recent months on hopes that an EU-wide fund to support the pandemic-stuck economies could lift the bloc out of recession. Analysts believe markets could tolerate a few days' or weeks' delay with opposition from the Netherlands and the threat of a Hungarian veto weighing on chances of a deal.

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