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REFILE-Deutsche Bank, Lloyds earnings prop up European shares

Published 04/28/2021, 03:36 PM
Updated 04/28/2021, 03:40 PM
© Reuters.

(Corrects day of the week to Wednesday in first paragraph)
April 28 (Reuters) - European stocks inched higher on
Wednesday on expectations of a bumper earnings season following
strong results from Deutsche Bank , Lloyds Banking Group and
other lenders.
The pan-European STOXX 600 index .STOXX rose 0.1% in early
trading, with the region's banking sector .SX7P up 1.1%.
Deutsche Bank DBKGn.DE jumped 5.2% to the top of Germany's
blue-chip DAX .GDAXI as strength at its investment bank helped
offset headwinds from restructuring and the pandemic.
Topping London's FTSE 100 .FTSE , Lloyds Banking Group
LLOY.L rose 4.2% after reporting a better-than-expected
profit. Sweden's SEB SEBa.ST and Spain's Santander SAN.MC also
inched higher after their quarterly results. Weighing on the STOXX 600, Lysol maker Reckitt Benckiser
Group RKT.L fell 2% even as the company backed its full-year
outlook. Earnings at European companies in the first quarter of 2021
are expected to surge 71.3% from a year earlier, according to
Refinitiv IBES data, up from last week's forecast of a 61.2%
jump.

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