Stock Market

European stock markets rose on trading results

The stock markets of Western European countries, which started the session on Wednesday with a decrease, ended the trading session with a rise. Investors’ attention was focused on the companies’ quarterly reports and the upcoming meeting of the European Central Bank.

Most analysts and economists believe that the regulator will again raise key interest rates by 75 bp. to fight high inflation. Following the results of the September meeting, the ECB took a similar step and announced its intention to continue raising rates at the next few meetings. The base interest rate on loans was raised to 1.25%, the rate on deposits – up to 0.75%, the rate on margin loans – up to 1.5%.

The publication of the results of the meeting of the European Central Bank will take place on Thursday at 13:15 London time.

The composite index of the largest companies in the Stoxx Europe 600 region by the close of the session rose by 0.7% and amounted to 410.31 points.

The British stock index FTSE 100 rose by 0.6%, the German DAX – by 1.1%, the French CAC 40 – by 0.4%. The Italian FTSE MIB and the Spanish IBEX 35 added 0.5% and 1% respectively.

Shares of Deutsche Bank AG (ETR:DBKGn) rose 1.2%. Germany’s largest bank saw a sharp increase in net profit and revenue in the third quarter of 2022, beating analysts’ expectations.

Barclays Plc (LON:BARC) tumbled 0.3%, although the British bank posted a 10% increase in net income in the third quarter of 2022, beating analysts’ expectations.

Banco Santander (BME:SAN) S.A. stock quotes decreased by 3.3%. The net profit of the Spanish bank, one of the largest in the eurozone, in the third quarter was higher than analysts’ expectations, the figure rose by 11% compared to the same period a year earlier.

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Market value of UniCredit (BIT:CRDI) S.p.A. increased by 4.3%. The Italian bank received net profit in the third quarter more than experts expected and improved its annual forecast.

Standard Chartered (LON:STAN) PLC fell 5.1%. The British bank increased pre-tax profit in the third quarter by 32%, but increased its losses on loans.

Germany’s BASF SE (ETR:BASFN), the world’s largest chemical company, has reiterated its financial guidance for 2022 despite a decline in third-quarter net income. Its shares fell 1%.

Shares of Swedish Spotify Technology (NYSE:SPOT) plunged 10.6% on the Frankfurt exchange. The operator of the music streaming service of the same name increased revenue in July-September by 21%, but received a net loss compared to profit a year earlier.

Puma SE (ETR:PUMG) rose 0.4%.

Heineken recorded a 27.5% increase in revenue in the third quarter, but sales in volume terms increased weaker than market expectations. Quotes of its shares fell by 5.4%.

Reckitt Benckiser (LON:RKT) Group Plc lost 4%.

German automaker Mercedes-Benz Group AG more than doubled its net profit and revenue by 19% in July-September due to higher demand and prices. The price of his securities rose by 1.1%.

Meanwhile, Danish brewer Carlsberg (CSE:CARLb) AS improved its operating profit growth forecast for 2022 on strong third-quarter sales growth and decided to increase share repurchases in the fourth quarter. Carlsberg shares rose 2%.

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