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HomeLatestEuropean Stocks Advance; Tesla's Strong Earnings Buoy Global Markets

European Stocks Advance; Tesla’s Strong Earnings Buoy Global Markets

European stock markets showed overall gains on Wednesday, maintaining the positive momentum as the quarterly earnings season unfolds globally.


At 03:40 ET (08:40 GMT), Germany’s DAX index rose by 0.2%, the U.K.’s FTSE 100 climbed 0.3%, while France’s CAC 40 dipped marginally by 0.1%.


U.S. Tech Rally Boosts Market Sentiment

European equities rode the wave of optimism spurred by an extended rebound in the U.S. technology sector, highlighted by robust gains from electric vehicle titan Tesla (NASDAQ:TSLA) following its Tuesday earnings announcement.


Tesla’s stock surged in premarket trading despite the company’s announcement of accelerated plans to develop more affordable EV models, which overshadowed its slightly disappointing earnings report.

The upcoming earnings reports from prominent U.S. tech companies like Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL) are also anticipated to influence market sentiment.

Continued European Earnings Focus

Meanwhile, European markets are digesting corporate results as well.

Volvo Car (ST:VOLCARb) shares dropped over 7% after the Swedish automaker reported operating earnings below expectations, citing lower revenues and losses in its Polestar business segment, despite predicting strong demand for its vehicles in the coming year.

Orange (EPA:ORAN) shares fell 2% following a first-quarter revenue growth slower than anticipated, attributed to declining sales in its European unit, the company’s largest business group outside of France.

Conversely, Roche (SIX:RO) shares rose by 1.7% after the Swiss pharmaceutical company posted a modest increase in first-quarter sales, driven by heightened demand for its newer medicines and diagnostics.

German Ifo Institute Survey Anticipated

In economic news, investors are awaiting Germany’s Ifo Institute’s business conditions and expectations survey for April, expected to show a modest improvement in sentiment within Europe’s largest economy.

Despite potential positive sentiment, recent indications from European Central Bank officials, including President Christine Lagarde, suggest a June interest rate cut remains likely.

Oil Prices Rise on U.S. Stockpiles Decline

Oil prices saw a modest uptick after industry data revealed an unexpected drop in U.S. inventories, coupled with ongoing tensions in the Middle East.

By 02:05 ET, U.S. crude futures edged 0.3% higher to $83.58 a barrel, while the Brent contract climbed 0.3% to $88.67 a barrel. The American Petroleum Institute reported a decrease of over 3 million barrels in U.S. crude inventories for the week ending April 19, contrasting with an anticipated build.

Market participants are monitoring developments in the Middle East, particularly Israel’s intensified shelling of Gaza, although its impact on oil supplies remains limited for now.

Additionally, gold futures rose by 0.2% to $2,338.65/oz, while EUR/USD traded 0.1% lower at 1.0694.