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Swedish earnings, Daimler support European stocks ahead of EU summit

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European shares edged higher on Friday as focus turned to Brussels where European Union leaders are expected to hammer out details of a ...

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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