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Swedish earnings, Daimler support European stocks ahead of EU summit

Published 07/17/2020, 03:29 PM
Updated 07/17/2020, 03:30 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 17 (Reuters) - European shares edged higher on Friday
as focus turned to Brussels where European Union leaders are
expected to hammer out details of a 750-billion-euro recovery
fund, with positive earnings updates from Ericsson, Daimler and
other firms also supporting gains.
The pan-European STOXX 600 index .STOXX rose 0.2% by 0714
GMT, with automakers .SXAP jumping 1.8% after Daimler AG
DAIGn.DE said it expects to post a smaller-than-expected
operating loss in the second quarter. Sweden's main stock index .OMXSPI jumped 0.9%, with truck
maker Volvo AB VOLVb.ST and telecom equipment maker Ericsson
ERICb.ST reporting better-than-expected core profits, while
Swedbank AB SWEDa.ST reported a smaller-than-expected fall in
net profit. Euro zone stocks .STOXXE were up 0.1% after rallying in
the recent months on hopes that an EU-wide fund to support the
pandemic-stuck economies could lift the bloc out of recession.
Analysts believe markets could tolerate a few days' or
weeks' delay with opposition from the Netherlands and the threat
of a Hungarian veto weighing on chances of a deal.

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