European shares hit fresh peaks on earnings boost

Written by on November 3, 2021

November 3, 2021

(Reuters) – European shares hit record highs on Wednesday, as a recent run of upbeat corporate earnings and higher metal prices helped limit losses from a slide in oil stocks.

The pan-European STOXX 600 was up 0.2%, as of 0824 GMT, with global shares lingering at record peaks ahead of an expected tapering of pandemic-era stimulus by the U.S. Federal Reserve. [GLOB/MKTS]

BMW inched up 0.7% after the German automaker reported higher quarterly profit, though it reiterated its warning on the global chip crunch.

Shares of Lufthansa advanced 5.2% after the airline posted a return to profit for the first time since the coronavirus crisis, boosted by the easing of travel restrictions.

Oil stocks led losses in the STOXX 600, falling 1.8%, as crude prices declined after industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. [O/R]

Vestas, the world’s largest maker of wind turbines, slumped 10.2% after posting a lower-than-expected third-quarter operating profit and trimming its full-year profit forecast.

(Reporting by Anisha Sircar in Bengaluru; Editing by Sherry Jacob-Phillips)


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