European shares rise on earnings boost; focus on U.S. inflation print
European shares rose on Friday, lifted by upbeat earnings from French giant Saint-Gobain and Sweden’s Elekta, even as traders worldwide were on tenterhooks ahead of U.S. inflation data that should also give clues on the country’s future policy path.
The STOXX 600 index (.STOXX) climbed 0.4%, tracking strength in Asian peers after the Bank of Japan’s ruling out an early end to super-easy monetary policy pushed bond yields lower globally.
Compagnie de Saint-Gobain (SGOB.PA) gained 5.6%, pushing the European construction and materials index (.SXOP) up 1% after the construction materials company posted record annual revenue that exceeded analysts’ expectations on strong growth in all its regions on Thursday.
Radiation therapy equipment Elekta (EKTAb.ST) jumped 8.7% to the top of the STOXX 600 after its third-quarter earnings beat expectations.
Data from Germany showed that Europe’s biggest economy contracted in the fourth quarter of 2022 as inflation and an energy crisis took a toll on household consumption and capital investment.
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