European stocks hit record high on earnings from Airbus, commodity majors

Concerns about China’s regulatory moves fade

Photograph: iStock

Photograph: iStock

 

European stocks hit record highs on Thursday as strong earnings from commodity majors, Airbus and others set a bright tone in markets, while concerns about China’s regulatory moves faded.

The pan-European Stoxx 600 index rose 0.3 per cent to an all-time high of 463.0 points in early trading.

The world’s largest planemaker, Airbus, jumped 3.6 per cent, providing the biggest boost to the Stoxx 600, after it sharply raised its forecasts for full-year deliveries and earnings.

France’s TotalEnergies and UK-listed Royal Dutch Shell rose about 2 per cent each after announcing share buybacks as a sharp rise in oil and gas prices boosted their earnings.

Finnish telecom equipment maker Nokia climbed 6.6 per cent after it raised its full-year outlook as it benefits from a sharp turnaround in its business.

Food giant Nestle and brewer Anheuser-Busch InBev fell after their results.

Swiss bank Credit Suisse fell 4.8 per cent after reporting a near 80 per cent fall in its second-quarter profit, hit by the fallout from the collapse of Archegos. – Reuters