Europe: Shares lifted by positive earnings reports

[BENGALURU] European shares rose on Wednesday, as a batch of positive earnings reports and the huge quantities of stimulus coursing through the financial system again overshadowed concerns about the surge in coronavirus cases in Europe and the United States.

The pan-European Stoxx 600 index rose 0.7 per cent by 7.11am GMT, with the oil and gas index leading gains after BP extended gains for a second day. Ahold Delhaize, a major operator of supermarket chains in the United States and Europe, jumped 5 per cent as it raised its sales outlook for 2020 after coronavirus lockdowns drove more traffic through its stores and online delivery services.

German residential real estate company Vonovia rose 2.9 per cent as it announced an 8 per cent rise in first-half core profits and confirmed its guidance for the year. However, BMW slid 3 per cent as lockdowns pushed the carmaker to a second-quarter operating loss as deliveries of luxury cars fell by 25 per cent during the period.

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