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European stocks steady after Tuesday's rout, Commerzbank shines

05/12/2021 03:03
European stocks steady after Tuesday's rout, Commerzbank shines

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- European stocks inched higher on Wednesday after their worst selloff this year as strong earnings reports and signs of a speedy economic recovery offset concerns about a rapid rise in prices.

The pan-European STOXX 600 index .STOXX rose 0.1% by 0713 GMT after falling by almost 2% on Tuesday as investors offloaded riskier assets on worries that rising U.S. inflation could lead to tighter monetary policy.

All eyes will be on U.S. consumer price data for April that is due later in the day. Numbers for Germany and France were largely in line with estimates.

European earnings are now expected to surge 90.2% in the first quarter, as per Refinitiv IBES data, up from a forecast of 83.1% growth last week.

German lender Commerzbank CBKG.DE jumped 5.4% after it beat expectations for first-quarter profit and raised its revenue outlook. nL1N2MZ09Y

Spirits maker Diageo DGE.L rose 2.8% on restarting its capital return program, while Amsterdam-based technology investor Prosus NV PRX.AS gained 3% after plans to acquire up to 45.4% of shares in its parent Naspers NPNJn.J. nL4N2MZ1R2 nL1N2MZ0CF

(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)

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