European stocks experienced an upswing on Thursday as investors navigated through a wave of earnings reports and anticipated the European Central Bank's decision on interest rates. The ECB is broadly expected to reduce its key interest rates by 25 basis points later in the day, in reaction to declining inflation and deteriorating economic conditions. Remarks from ECB President Christine Lagarde could further impact the markets as the day unfolds.
The pan-European STOXX 600 climbed 0.5% to 522.31, recovering from a 0.2% decline on Wednesday. The German DAX increased by 0.7%, France's CAC 40 rose by 1.1%, and the UK's FTSE 100 edged up by 0.3%.
In corporate developments, Swiss lift and escalator firm Schindler rose 3.3% despite a 0.9% decrease in its third-quarter sales. Nescafe producer Nestle advanced 2.1%, even after reducing its full-year sales outlook. However, Finnish telecom equipment provider Nokia tumbled 4.4% due to quarterly sales falling short of projections.
Nordea surged 6.2% following a positive adjustment to its full-year outlook and the announcement of a new share buyback program. Mining companies had mixed performances; Antofagasta dropped over 2% in London as China's housing ministry's policy update did not meet investor expectations. Smiths Group and Persimmon each lost about 2% after trading ex-dividend. Mondi fell sharply by 6.6% after reporting a sequential decline in Q3 profit.
In contrast, Entain soared 5.2% after outperforming Q3 expectations and raising its 2024 net gaming revenue forecast. Pest control firm Rentokil Initial jumped nearly 9% upon maintaining its full-year guidance. Schneider Electric saw a 2.4% rise in Paris after agreeing to acquire a controlling interest in Motivair Corporation, a company specializing in advanced liquid cooling for high-performance computing.
Advertising giant Publicis Groupe increased 2% after revising its global 2024 forecast upward for the second time. Channel tunnel operator Getlink gained 2.5% following stronger-than-anticipated Q3 revenue. Spirits producer Pernod Ricard saw a 1.7% rise, expressing optimism about returning to a growth trajectory by next summer following a slow start to the fiscal year.
Sartorius AG shares surged 12.5%. The German pharmaceutical and laboratory equipment supplier reaffirmed its full-year outlook following solid Q3 results. Merck KGaA jumped 5.2% after confirming its annual earnings per share guidance.
