European Shares Extend Gains Before Nvidia Earnings
2024-08-23
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(fxcue news) - European stocks advanced on Wednesday ahead of highly anticipated results from Nvidia later today and key U.S. inflation data on Friday.
The highly anticipated earnings report from the AI darling will provide a key test for the AI demand story.
The pan European STOXX 600 was up 0.3 percent at 520.62, hitting a one-month high.
The German DAX climbed 0.6 percent and France's CAC 40 added 0.3 percent while the U.K.'s FTSE 100 was marginally lower as commodity-related stocks declined on concerns about slowing growth in the U.S. and China.
In corporate news, Swedish radiation therapy equipment maker Elekta jumped 6.7 percent after reporting strong Q1 results.
Miners Anglo American, Antofagasta and Glencore fell 1-3 percent as metals prices declined on demand concerns.
Hochschild Mining plunged nearly 5 percent despite posting strong first-half results on higher output and prices.
Energy giant BP Plc dropped half a percent and Shell gave up 1 percent.
GSK advanced 1.7 percent after a U.S. court decided to review whether evidence supporting claims that heartburn drug Zantac causes cancer is scientifically sound.
Insurer Prudential added 2 percent after half-year results surpassed in several key areas.
LEG Immobilien SE shares fell 2.2 percent. The German property company said that it is launching an offering of guaranteed senior, unsecured convertible bonds of 500 million euros due 2030.
The company intends to use the net proceeds to repay debt and for general corporate purposes.
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