European stocks inched higher Friday, putting markets on course
for a fourth straight session of gains.
The Stoxx Europe 600 gained 0.2% in early trade. The index had
fallen sharply at the start of the week as a slump in Chinese
equities spilled over into global markets, but has more than
recovered those losses over the rest of the week.
U.S. markets have also rebounded. That said, stocks on Wall
Street ended flat on Thursday after data showing the U.S. economy
expanded at a slower pace than expected in the second quarter.
The Shanghai Composite Index fell again on Friday, closing out
its worst month in over two years.
But investors in Europe shrugged off the latest decline, instead
focusing on the latest batch of earnings reports.
Among companies on the Stoxx Europe 600 that have so far
reported second-quarter results, 54% have exceeded profit
expectations, according to FactSet data. That compares with 50% in
the first quarter.
On Friday, shares in Airbus Group SE climbed after the plane
maker reported a rise in second-quarter profit.
French bank BNP Paribas and chemical company Arkema SA both rose
after better-than-expected results.
Steel pipe maker Vallourec SA fell after reporting a loss for
the first half of the year.
In currency markets, the euro was steady against the dollar at
$1.0940.
In commodities, Brent crude oil fell 0.9% to $52.82 a barrel.
Gold was down 0.6% at $1,081.90 a troy ounce.
Write to Tommy Stubbington at tommy.stubbington@wsj.com
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