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  • Date of publication: 07 October 2020
  • 128
  • European stocks unchanged as upbeat earnings dispelled US concerns over stimulus


    European stocks hovered around a two-week high on Wednesday as upbeat earnings reports from Britain's Tesco (OTC: TSCDY) and Germany's Dialog Semiconductor helped offset uncertainty over a new US stimulus package.

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Asian stocks and US futures have also recovered from sharp losses caused by US President Donald Trump abruptly ending talks with Democratic lawmakers on anti-coronavirus law before the election. (N)

Trump later called on Congress to provide $ 1,200 incentive checks for Americans and other support for airlines and small businesses.

“You can see this as a kind of negotiation tactic,” said Craig Earlam, senior market analyst at Oanda in London. “You are canceling negotiations now in the hope that the Democrats will give up some land. But I am skeptical about getting it before the elections. "

The pan-European STOXX 600 (STOXX) Index traded flat, with banks (SX7P), insurers (SXIP) and energy companies (SXEP) retreating from gains in the previous session.

The benchmark hit a two-week high earlier this week on reports of Trump's health progress after he tested positive for COVID-19, although trading was volatile amid uncertainty over the November elections.

Britain's largest supermarket chain Tesco (L: TSCO) added 2.2% as it reported a jump in sales and expects full-year retail operating profit to be at least 2019-2020.

Dialog Semiconductor (DE: DLGS) rose 2.4% after the company forecast higher-than-expected third-quarter revenue.

Beverage companies AB InBev (BR: ABI), Heineken (AS: HEIN) and Pernod Ricard (PA: PERP) surged 2.5-3% after Jefferies (NYSE: JEF) upgraded its stock rating to “ purchases "while doubling the price. Diageo (L: DGE).

Swedish audiobook streaming group Storytel (ST: STORYb) gained 4.3% after it surpassed its forecast for Q3 subscribers and streaming revenue growth.

Nexi (MI: NEXII) fell 5.1% after main shareholder Mercury UK Holdco said it would sell 13.4% of its stake in Italian payments group, a day after Nexi announced a merger with rival SIA ...

Tour operator TUI (L: TUIT) (DE: TUIGn) fell 4.7% after it appointed Sebastian Ebel as its new CFO.