Europe stocks climb on AstraZeneca earnings; DAX up 0.51%
Investing.com
Published Jul 29, 2010 06:05AM ET
During European morning trade, the EURO STOXX 50 advanced 0.50%; France’s CAC 40 rose 0.47% while Germany's DAX was up 0.51%.
Anglo-Swedish pharmaceutical company AstraZeneca shares jumped 4.33% after it reported a 23% rise in second quarter profits and said that the Food and Drug Advisory panel recommended U.S. approval of its cardiac drug Brilinta.
Elsewhere in the sector, German pharmaceutical and chemical firm Merck shares advanced 4.85% after its second quarter profits soared 69%.
Cap Gemini, the Paris-based computer-services company, gained 4% after increasing its profitability forecast as first-half net income rose.
France Telecom jumped 5.7% after an earnings report which topped expectations.
Earlier in the day, European stocks were upgraded from "underweight" to "neutral" by UBS bank citing “compelling” valuations and economic growth that is exceeding forecasts.
In London, the FTSE 100 was up 0.61% as earnings reports overshadowed weaker miners who slipped on Chinese growth concerns.
The outlook for U.S. equity markets, meanwhile, was optimistic: Dow Jones Industrial Average futures indicated an increase of 0.46%, S&P 500 futures pointed to a gain of 0.50% and Nasdaq 100 futures indicated an advance of 0.35%.
Later in the day, the U.S. was to release key data on initial jobless claims.
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Written By: Investing.com
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