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(Sharecast News) - European shares finished higher on Friday as strong US corporate earnings overnight helped to drive sentiment.
"Earnings season has only just begun to hit its stride, but if it continues in a similar vein to the past few days equities will continue to find support," said IG chief market analyst Chris Beauchamp.
"After a tough few weeks risk assets are back in vogue, helped by the disappearance of the debt ceiling concerns for now. The growing supply crunch, typified by the rows of ships waiting outside harbours, is still the bigger concern however, and something that isn't going away any time soon. Stocks have found their footing again it seems, and are in a good place to keep moving higher for the time being."
The pan-European Stoxx 600 index rose 0.74% to 469.39, alongside a 0.81% gain on the German Dax to 15,587.36.
In Paris, the Cac-40 notched up a gain of 0.63% to 6,727.52.
Pacing gains, the Stoxx 600 Travel&Leisure sub-index was higher by 1.97%, alongside a 1.79% advance for Banks and a 1.57% gain in Oil&Gas.
Reports of declining Covid-19 case numbers on either side of the Atlantic and Washington' plans to reopen travel to foreigners who have been fully vaccinated on 8 November was likely boosting Travel names such as IAG.
Across the Pond, Wall Street was extending its rally from overnight with the S&P 500 trading back at its best level since March, helped by stronger-than-expected earnings out of Goldman Sachs.
This provided a lift for Deutsche Bank, Bank of Ireland and Virgin Money.
Oil majors were up on the back of higher oil prices, with Brent oil trading a touch below $85 from $83.75 on Thursday. BP and Shell rose as a result.
In other equity news, shares in fashion retailer Hugo Boss gained after the company raised its outlook for the current year after third-quarter earnings rebounded on the back of strong demand in Europe and the Americas.
Rio Tinto slipped after the Australian miner cut its 2021 iron ore shipments forecast, citing a tight labour market in Western Australia.
Shares in education publisher Pearson fell 14.9% to the bottom of the Stoxx despite backing full-year forecasts. A rise in sales was dampened by lower US course enrolments due to Covid-19.
Swiss banking software firm Temenos shares were right behind plunging more 14% after missing third quarter revenue estimates.
Finnish retailer Kesko climbed 6.5% by late morning deals after Inderes raised the stock to 'accumulate' from 'reduce'.
3 May 2024 13:37
UK earnings, trading statements calendar - next 7 days
| Monday 6 May | |
| no events scheduled | |
| Tuesday 7 May | |
| Arecor Therapeutics PLC | Full Year Results |
| BP PLC | Q1 Results |
| Ebiquity PLC | Full Year Results |
| IWG PLC | Trading Statement |
| Kosmos Energy Ltd | Q1 Results |
| MaxCyte Inc | Q1 Results |
| Trident Royalties PLC | Trading Statement |
| Vaalco Energy Inc | Q1 Results |
| Wednesday 8 May | |
| Alliance Pharma PLC | Full Year Results |
| boohoo group PLC | Full Year Results |
| Brighton Pier Group PLC | Full Year Results |
| Cornerstone FS PLC | Full Year Results |
| HydrogenOne Capital Growth PLC | Trading Statement |
| JD Wetherspoon PLC | Trading Statement |
| Light Science Technologies Holdings PLC | Full Year Results |
| OSB Group PLC | Trading Statement |
| Renishaw PLC | Trading Statement |
| Thursday 9 May | |
| Balfour Beatty PLC | Trading Statement |
| Derwent London PLC | Trading Statement |
| Flutter Entertainment PLC | Trading Statement |
| Harbour Energy PLC | Trading Statement |
| IMI PLC | Trading Statement |
| ITV PLC | Trading Statement |
| John Wood Group PLC | Trading Statement |
| Rathbones Group PLC | Trading Statement |
| Spire Healthcare Group PLC | Trading Statement |
| Synthomer PLC | Trading Statement |
| Wheaton Precious Metals Corp | Q1 Results |
| Friday 10 May | |
| CRH PLC | Q1 Results |
| International Consolidated Airlines Group SA | Q1 Results |
| Rightmove PLC | Trading Statement |
| TBC Bank Group PLC | Q1 Results |
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