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Europe’s STOXX edges higher with bank earnings in focus; Galp glows
By Jerry
April 22 (Reuters) – European shares edged higher on Monday with investors bracing for earnings reports from several big banks later in the week, while Portuguese oil firm Galp soared to a 16-year high following a positive update to its gas exploration in Namibia.
The pan-continent STOXX 600 (.STOXX), opens new tab was up 0.2% by 0828 GMT, supported by a 0.3% gain in banking stocks (.SX7P), opens new tab.
Earnings reports from European lenders will be in the spotlight this week as investors are likely to get a clearer picture of whether higher interest rates are still boosting profits or if a year-long share price rally will run out of steam.
BNP Paribas (BNPP.PA), opens new tab, Deutsche Bank (DBKGn.DE), opens new tab, Barclays (BARC.L), opens new tab and Lloyds (LLOY.L), opens new tab will report earnings later in the week.
“We’re seeing stabilisation and growth. While lending might sequentially pick up and non-performing loans might continue to be relatively low, net interest margins are coming down,” said Maximilian Kunkel, chief investment officer, Global Family & Institutional Wealth at UBS.
“On the other side, we’re also seeing that capital markets are opening up again and there is an increase in (mergers and acquisitions) activity.”
Source: REUTER
