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SAP, LVMH earnings nudge European stocks higher

Published 04/14/2021, 03:17 PM
Updated 04/14/2021, 03:20 PM
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
April 14 (Reuters) - European stocks inched up on Wednesday,
as upbeat earnings from German software firm SAP and French
luxury goods maker LVMH offset concerns about a potential
setback to the continent's COVID-19 vaccination programme.
The pan-European STOXX 600 index .STOXX rose 0.1% by 0707
GMT, with technology .SX8P and personal & household goods
.SXQP sectors among the top gainers.
SAP SAPG.DE rose 2.6% after it nudged its outlook for 2021
revenue higher after reporting first-quarter results that showed
gains in cloud sales. LVMH LVMH.PA gained 2.5% after sales bounced back far more
quickly than expected in early 2021 as Chinese and U.S. shoppers
made the most of an easing of COVID-19 restrictions.
Other luxury stocks including Kering PRTP.PA , Richemont
CFR.S and Hermes HRMS.PA added between 0.9% and 1.9%.
Britain's biggest retailer Tesco TSCO.L fell 3% after
reporting a 20% drop in full-year pretax profit. Meanwhile, U.S. drugmaker Johnson & Johnson JNJ.N said it
would delay rolling out its COVID-19 vaccine in Europe after
U.S. health agencies recommended pausing its use following cases
of rare blood clots.

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