The Business Times

Europe: SAP, LVMH earnings nudge stocks higher

Published Wed, Apr 14, 2021 · 03:27 PM

[BENGALURU] European stocks inched up on Wednesday, as upbeat earnings from German software firm SAP and French luxury goods maker LVMH offset concerns about a potential setback to the continent's Covid-19 vaccination programme.

The pan-European Stoxx 600 index rose 0.1 per cent by 7.07am GMT, with technology and personal and household goods sectors among the top gainers.

SAP rose 2.6 per cent after it nudged its outlook for 2021 revenue higher after reporting first-quarter results that showed gains in cloud sales.

LVMH gained 2.5 per cent after sales bounced back far more quickly than expected in early 2021 as Chinese and US shoppers made the most of an easing of Covid-19 restrictions.

Other luxury stocks including Kering, Richemont and Hermes added between 0.9 per cent and 1.9 per cent.

Britain's biggest retailer Tesco fell 3 per cent after reporting a 20 per cent drop in full-year pretax profit.

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Meanwhile, US drugmaker Johnson & Johnson said it would delay rolling out its Covid-19 vaccine in Europe after US health agencies recommended pausing its use following cases of rare blood clots.

REUTERS

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