Apr 28 (Reuters) – European stocks rose on Thursday on expectations of an exceptional corporate earnings season following positive numbers from Deutsche Bank, Lloyds Banking Group and other banks.
The pan-European STOXX 600 index was down 0.1% in early trading, with the region’s banking sector advancing 1.1%.
Deutsche Bank soared 5.2% and led the German DAX index, as the strength of its investment bank helped offset the impact of the restructuring and the pandemic.
Leading the London FTSE 100, Lloyds Banking Group rallied 4.2% after posting better-than-expected profit.
Sweden’s SEB and Spanish bank Santander also advanced after their quarterly results.
In the STOXX 600, Lysol’s maker, Reckitt Benckiser Group, was down 2% despite the company confirming its full-year forecast.
Earnings for European companies in the first quarter of 2021 are expected to increase 71.3% over the previous year, according to Refinitiv IBES data, compared to last week’s forecast of an increase of 61.2% .
(Information from Sruthi Shankar in Bengaluru; edited by Shounak Dasgupta, translated by Michael Susin at the Gdansk newsroom)