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Nokia, BNP earnings prop European stocks as growth worries linger

Published 07/31/2020, 03:28 PM
Updated 07/31/2020, 03:30 PM
© Reuters.
FCHI
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BNPP
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NOKIA
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AAPL
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AMZN
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META
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STOXX
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SX8P
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 31 (Reuters) - European shares were largely flat on
Friday after encouraging earnings updates from Nokia, BNP
Paribas and others countered concerns about a global economic
recovery as coronavirus cases surged globally.
The pan-European STOXX 600 .STOXX was on course to end the
month flat-to-lower after weak economic data and concerns about
the 2020 U.S. presidential election sent the index to a
one-month low on Thursday.
Concerns about a resurgence in COVID-19 cases in Europe
weighed, with Paris-listed shares .FCHI edging lower even as
data showed the French economy contracted by a
smaller-than-expected rate in the second quarter.
Euro zone GDP numbers are due at 0900 GMT.
In earnings-driven moves, Finnish telecom network equipment
maker Nokia NOKIA.HE surged 10.6% to the top of STOXX 600 as
it reported an unexpected rise in its underlying profit.
Technology stocks .SX8P were the top gainers, up 1.6%
after Wall Street's tech giants, Apple AAPL.O , Amazon AMZN.O
and Facebook FB.O , reported forecast-beating results
overnight.
BNP Paribas BNPP.PA rose 3.9% as it earned a
higher-than-expected quarterly profit, boosted by a surge in
fixed income trading and strong demand for corporate finance.

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