European Shares Gain Amid Earnings Deluge

European shares rose for a third straight session on Thursday, with a slew of positive earnings updates and expectations of a milder-than-expected recession boosting sentiment.

In economic releases, preliminary data showed German inflation rose by a less than anticipated 8.7 percent year-on-year in January, helping ease pressure on the European Central Bank to keep raising rates.

Destatis was initially scheduled to release its January data last week but delayed the publication over an “unexpected technical problem”.

Elsewhere, the National Institute of Economic and Social Research (Niesr) said the British economy may avoid a recession this year, despite high prices hitting household budget.

The pan European STOXX 600 climbed 0.8 percent to 463.14 after gaining 0.3 percent on Wednesday.

The German DAX rallied 1.1 percent, France’s CAC 40 index jumped 1.2 percent and the U.K.’s FTSE 100 was up 0.7 percent.

Vinci added 1.9 percent. After posting strong financial results for fiscal year 2022, the French construction and infrastructure company said it expects a further increase in turnover and operating profit in 2023.

Lender Credit Agricole soared more than 5 percent after reporting a higher-than-expected profit in the fourth quarter on lower provisions and a strong performance at its investment banking division.

Arcelor Mittal, the world’s second-largest steelmaker, gained 1 percent after Q4 revenue and earnings topped estimates.

Nordex Group gained 1.7 percent. The German wind turbine maker has bagged an order from Enefit Green, one of the leading producers of renewable energy in the Baltic region for 255 MW for a wind farm in Estonia.

Credit Suisse tumbled 3.6 percent as the Swiss bank posted its worst annual loss since 2008 and warned of more losses this year.

Delivery Hero plunged 9 percent. The German food-delivery firm reported slightly lower-than-expected gross merchandise value (GMV) for 2022.

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