Latest News

UK News

Click Here to read UK News

Forex News

Click Here to read Forex News

Market News

Click Here to read Market News

Irish News
Nokia, BNP earnings prop European stocks as growth worries linger
Published at 31/07/2020 at 08:28

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

July 31 (Reuters) - European shares were largely flat on Friday after encouraging earnings updates from Nokia, BNP Paribas and others countered concerns about a global economic recovery as coronavirus cases surged globally.

The pan-European STOXX 600 was on course to end the month flat-to-lower after weak economic data and concerns about the 2020 U.S. presidential election sent the index to a one-month low on Thursday.

Concerns about a resurgence in COVID-19 cases in Europe weighed, with Paris-listed shares edging lower even as data showed the French economy contracted by a smaller-than-expected rate in the second quarter.

Euro zone GDP numbers are due at 0900 GMT.

In earnings-driven moves, Finnish telecom network equipment maker Nokia surged 10.6% to the top of STOXX 600 as it reported an unexpected rise in its underlying profit.

Technology stocks were the top gainers, up 1.6% after Wall Street's tech giants, Apple , Amazon and Facebook , reported forecast-beating results overnight.

BNP Paribas rose 3.9% as it earned a higher-than-expected quarterly profit, boosted by a surge in fixed income trading and strong demand for corporate finance.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty)

((; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))