Europe markets edge higher amid earnings; Deutsche Bank cuts revenue target; Skanska shares fall 4.5% - CNBC

European stocks were slightly higher on Friday, as market participants reacted to another flurry of corporate earnings.

The pan-European Stoxx 600 was up around 0.2% during afternoon deals, with most sectors and major bourses in positive territory.

Europe's media stocks led the gains, up 1.3% amid earnings news. Luxembourg-based satellite operator SES was the top performer, after the company said it had maintained its full-year outlook. Shares of the firm jumped almost 7%.

Meanwhile, oil and gas stocks slipped 1%, as U.S. oil prices fell and the market retreated from its strongest bull-run in at least a year. U.S. West Texas Intermediate (WTI) crude oil was trading at $64.20 on Friday afternoon, down more than 1%. International benchmark Brent crude was also down more than 1%.

Looking at individual stocks, Deutsche Bank posted stronger-than-anticipated first-quarter net profit Friday morning. Germany's flagship lender reported 201 million euros ($223 million) in net income for the first three months of the year. The figures came less than 24 hours after bank formally abandoned merger talks with Commerzbank. Shares of Deutsche bank slipped 3%.

France's Sopra Steria said revenue rose approximately 10% in the first three months of the year, citing a buoyant market for digital services in Europe. The Paris-listed stock surged to the top of the European benchmark on the news, with shares up more than 7%.

Skanska tumbled toward the bottom of the index Friday afternoon, after the Swedish builder posted a surprise fall in first-quarter operating earnings. Profit at its commercial development operations slumped in the first three months of the year, prompting shares to fall 4.5%.

On the data front, French consumer confidence held steady at an eight-month high in April. INSEE, the official statistics agency said Friday that its index remained unchanged from March at 96 points.

Stateside, market participants awaited the release of U.S. economic data for the first three months of the year.

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https://www.cnbc.com/2019/04/26/european-markets-earnings-in-focus-as-deutsche-bank-beats.html

2019-04-26 13:24:47Z
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