Shares in Europe opened positive on Monday after the release of the better-than-expected results, with investors focused on reports from the region’s major companies.
The pan-European Euro Stoxx 50 gained 0.11% to 2,719.18, as the German’s DAX rose 0.20% to 8,347.71. The French CAC 40 advanced 0.80% to 3,928.52, as the UK’s FTSE 100 was up 0.05% to 6,633.80.
The Portuguese intended exit from its bailout program was expected by next year; however it could be due to the stalemate over further reforms.
Portugal’s President Anibal Cavaco Silva said that he wanted the center-right coalition government to remain at its current position to keep the bailout on track.
Electronic manufacturers Philips net profit rose from previous record of 102 million euros to 317 million euros, according to the reported second-quarter results.
While the Swiss bank Julius Baer reported the better-than-expected results for the first half of year, recording its net profit up by over 25% at 261 million Swiss francs, exceeding analysts’ forecast of 238 million francs.
In Asia, stocks were traded mixed following the news that Japan’s Prime Minister Shinzo Abe’s Liberal Democratic Party won majority of the 121 seats in the upper-house election over the weekend.
Meanwhile, the People’s Bank of China (PBoC) announced to loosen rules for lending, allowing bank loans to be made at a low rate.
The Chinese Shanghai Composite declined 0.61% to 2,004.76, while In Hong Kong; the Hang Seng advanced 0.07% to 21,376.51 at the time of writing.
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