Europe: Shares extend gains on upbeat Nestle, Volvo earnings
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[BENGALURU] European stocks moved towards record highs on Thursday after stumbling earlier in the week, as a set of strong earnings reports brightened sentiment ahead of the European Central Bank's policy decision.
The pan-European Stoxx 600 index rose 0.4 per cent by 7.07am GMT, extending gains for a second straight session after fears of a new wave of Covid-19 cases pushed European markets to their worst day in 2021 on Tuesday.
Nestle rose 2.2 per cent after reporting its strongest quarterly sales growth in 10 years, helped by demand for coffee, dairy and petcare products.
Swedish truckmaker Volvo jumped 4.6 per cent as it beat market expectations for first-quarter core earnings on the back of surging demand.
Credit Suisse fell 5.7 per cent after it posted a 757 million Swiss franc (S$1.10 billion) pre-tax loss in the first quarter, as the Archegos hit wiped out gains from bumper trading.
REUTERS
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