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European Stocks Slightly Higher on Earnings Reports

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14/5/17
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European Stocks Slightly Higher on Earnings Reports European markets were marginally higher in early deals as investors priced in the latest German economy data and a new round of corporate earnings, as oil prices extended gains on optimism regarding potential production cuts. The pan-European Stoxx 600 was 0.02 percent higher, as telecom and healthcare shares gained. The Stoxx Europe 600 is facing a 0.1 percent advance for the week, which started with a small drop in European bourses after Emmanuel Macron won in the French presidential election. France's CAC 40 soared almost 11 percent in 2017, and the Stoxx Europe 600 has gained over nine percent. Media stocks were the best performing shortly following Friday's open, pulled higher by reports that French media group Vivendi had approached Havas with an offer to buy Group Bollore's stake in the advertising and public company. Havas shares surged ten percent and Vivendi climbed six percent. Mining shares fell 1.1 percent. The industry group has been down nearly 13 percent from a February high. Cartier owner Richemont dropped 5.6 percent, leading declines in the region after it said that trading environment will remain volatile as net profit dropped more than the market expected. AstraZeneca helped lift health-care shares to be the second-best performer among industry groups. The stock rose 4.4 percent after the firm said its lung-cancer drug lowered the risk of the disease worsening or death in individuals.

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