European shares start higher with earnings data on tap

European shares start higher with earnings data on tap

On Friday, European stocks started higher, following upbeat German economic surge data. Additionally, traders were monitoring a new batch of corporate earnings reports.

The EURO STOXX 50 tacked on 0.15%, France’s CAC 40 ascended 0.01%, while Germany’s DAX 30 gained 0.10%.

Earlier preliminary data revealed that German GDP grew 0.6% during the first quarter, which is in line with market hopes and up from a surge rate of 0.4% demonstrated in the three months to December.

Financial stocks were mostly higher. It’s because French lenders BNP Paribas as well as Societe Generale inched up 0.24% and 0.56% respectively, while Germany’s Commerzbank added 0.26%.

As for peripheral lenders, Italian Intesa Sanpaolo as well as Unicredit rallied respectively 0.53% and 2.40%, while Spanish banks Banco Santander and also BBVA gained 0.15% and 0.28% respectively.

The FTSE 100 inched up 0.25%, underpinned by Astrazeneca, whose stocks ascended 4.80% after the drugmaker told it’s negotiating with regulators for the purpose of submitting its cancer drug Imfinzi right after announcing upbeat trial results for stage III lung cancer patients.

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S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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