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Earnings nudge European stocks higher, virus concerns limit gains

Fri, 23rd Oct 2020 08:02

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)

Oct 23 (Reuters) - European stocks inched higher on Friday,
boosted by positive earnings updates from Barclays and
carmakers, while nagging concerns about the economic impact of
surging COVID-19 cases put markets on course for weekly losses.

The pan-European STOXX 600 index rose 0.2% by 0711
GMT, with Asian markets stuck in a trading range as investors
treaded with caution with less than two weeks to go before the
U.S. presidential election.

London's FTSE 100 was supported by a 2.8% jump in
Barclays after it reported much better than expected
quarterly earnings.

Carmaker Daimler rose 1.9% after it raised its
2020 profit outlook, while Renault was up 1.5% after
saying it should have positive cash flow from cars by the end of
2020 as sales recovered.

However, gains were limited as France looked set to widen a
curfew to more than two thirds of its population after the
country set an all-time daily high of new coronavirus cases on
Thursday.

IHS Markit's early reading of euro zone and UK business
activity for October is due later in the day.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard
Orr)

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