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Upbeat Unilever, Daimler earnings support European shares

Published 07/23/2020, 03:32 PM
Updated 07/23/2020, 03:40 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 23 (Reuters) - European shares rose in early trading on
Thursday, as investors brushed off simmering U.S.-China tensions
and focused on better-than-expected earnings updates from
Unilever and Daimler .
The pan-European STOXX 600 index .STOXX rose 0.3% by 0718
GMT, with personal & household goods stocks .SXQP and
automakers .SXAP leading sectoral gains.
Unilever NV ULVR.L UNA.AS surged 6.4% as the consumer
giant reported second-quarter sales that fell much less than
feared due to a strong performance in North America.
Germany's Daimler AG DAIGn.DE jumped 5.4% after saying
EBIT at its core Mercedes-Benz Cars & Vans division in 2020 is
expected to be above prior-year levels. Publicis Groupe SA PUBP.PA , the world's third-biggest
advertising company, surged 14.8% after it beat market
expectations for underlying sales in the second quarter with a
less severe activity dive than most analysts feared.

Meanwhile, data showed German consumer morale improved more
than expected heading into August, helped by a temporary cut in
value-added tax as part of the government's stimulus package to
fight the coronavirus shock. The slew of upbeat news helped investors brush aside
concerns after the United States asked China to close its
consulate in Houston amid accusations of spying, that had
triggered a market selloff in the previous session.

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