European stocks head south due to quarterly reports
On Thursday, good quarterly reports as well as the recovery of shares in industrial companies helped the European stock markets, thus compensating for the dismal reports of a number of companies, including Lufthansa and Kion.
The European index STOXX 600 moderately rallied by up to 0.43%, edging up from the weekly low reached the day before because of fears generated by soaring revenues of American state bonds.
The reports of financial institutions turned to be the major point of the trading session.
Shares of Deutsche Bank increased by 0.22% having dived by 2.6% at the beginning of trading. On Thursday the financial institution reported a 79% sag in profits in the first quarter and also announced a large-scale reorganization of investment banking, which suggests a reduction in trade in shares and bonds.
Papers of Norway's largest bank, DNB, tacked on 5.9% on profits, which surpassed analysts' estimates amid soaring activity in the oil sector.
The greatest surge was achieved by the equities of the Finnish oil refining company Neste - they managed to grow 12% due to good sales, which beat expectations.
The shares of industrial companies felt confident, although the pressure was exerted on them by a weak report by Lufthansa, whose shares are losing approximately 6.72%.
The papers of the German manufacturer of forklift trucks Kion headed south by approximately 4.33% due to the low number of quarterly orders.
As for large oil companies, they demonstrate multidirectional dynamics. Besides this, shares of Total managed to ascend 0.80%, while Royal Dutch Shell edged down 2.3% notwithstanding its quarterly revenue.
Philips Lighting, the world's largest lighting manufacturer, headed south up to 8.4% right after the company reported a lower-than-anticipated quarterly profit because of lower sales and margins, especially in the United States.
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Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.