Europe: Shares edge higher as robust earnings offset US stimulus doubts

[BENGALURU] European stocks edged higher on Wednesday as upbeat earnings reports from UK's Tesco and Germany's Dialog Semiconductor helped offset uncertainties surrounding a fresh US stimulus package.

The pan-European Stoxx 600 index rose 0.2 per cent by 7.11am GMT.

Asian stocks and US futures also recovered after sharp losses on Wall Street after US President Donald Trump on Tuesday abruptly called off talks with Democratic lawmakers on coronavirus relief legislation until after the election.

Dialog Semiconductor jumped 5.4 per cent to the top of Stoxx 600 after it forecast better-than-expected revenue in its third quarter.

Britain's biggest supermarket chain Tesco gained 3.6 per cent as it reported a jump in sales and forecast full-year retail operating profit to be at least the same level as 2019-20.

Swedish audiobook streaming group Storytel was up 3.2 per cent after it beat its third-quarter forecast for subscriber growth and streaming revenue.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes