Economic news

Upbeat corporate results push European stocks higher

European stocks climbed on Wednesday, underpinned by some solid corporate updates and a rise in tech sector after Apple's data exceeded market forecasts, while traders’ focus shifted to euro zone GDP numbers and the U.S. Fed policy meeting.

Photo: Reuters

The pan-European STOXX 600 gained 0.5% to 386.80.

The UK’s FTSE 100 jumped 0.6% to 7,564.72, while Frankfurt's DAX 30 was 0.8% higher at 12,707.47. France’s CAC 40 ticked up 0.1% to 5,525.65.

iPhone supplier ARM soared 8.1% after Apple posted solid iPhone X sales. Other chipmakers STMicroelectronics, Infineon, BE Semiconductor and ASML also rose 1.1 to 3.8% after the tech giant’s report improved sentiment on the sector.

The London-based Inmarsat led the increase, surging 10.9% after reporting stronger first-quarter revenue and pretax profit.

Shares of Swedish oil company Lundin edged up 4.7 percent as its first-quarter operating results surpassed forecasts.

Ocado Group PLC was among top gainers, rising 5.2 percent as it has agreed with Sweden's ICA Gruppen AB to develop its online grocery business.

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