Salem Radio Network News Saturday, May 28, 2022

Business

European stocks climb on strong earnings reports

(Reuters) – European shares extended gains for a second straight session on Thursday, as a slew of forecast-beating earnings reports helped set aside fears around slowing global economic growth.

The pan-European STOXX 600 index rose 0.7% by 0707 GMT, with all regional bourses in the black. Travel and leisure stocks rose 2.1% to lead sectoral gains, while miners fell behind.

British bank Standard Chartered jumped 10.1% and Spain’s Banco Sabadell climbed 5.3% after reporting upbeat quarterly earnings.

German online takeaway food company Delivery Hero surged 8.1% after saying it was on track for a positive adjusted core profit for its food delivery business this year, while meal-kit maker HelloFresh added 10.9% on strong results.

Among decliners, Swedish banking group Swedbank fell 5% after narrowly beating profit estimates.

Better-than-expected results from Meta Platforms Inc looked set to boost Wall Street at the open, with its Frankfurt-listed shares surging 18.3%.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

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