Earnings nudge European stocks higher, virus concerns limit gains
Reuters
Published Oct 23, 2020 03:30AM ET
(Reuters) - European stocks inched higher on Friday, boosted by positive earnings updates from Barclays and carmakers, while nagging concerns about the economic impact of surging COVID-19 cases put markets on course for weekly losses.
The pan-European STOXX 600 index (STOXX) rose 0.2% by 0711 GMT, with Asian markets stuck in a trading range as investors treaded with caution with less than two weeks to go before the U.S. presidential election.
London's FTSE 100 (FTSE) was supported by a 2.8% jump in Barclays (L:BARC) after it reported much better than expected quarterly earnings.
Carmaker Daimler (DE:DAIGn) rose 1.9% after it raised its 2020 profit outlook, while Renault (PA:RENA) was up 1.5% after saying it should have positive cash flow from cars by the end of 2020 as sales recovered.
However, gains were limited as France looked set to widen a curfew to more than two thirds of its population after the country set an all-time daily high of new coronavirus cases on Thursday.
IHS Markit's early reading of euro zone and UK business activity for October is due later in the day.
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Written By: Reuters
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