FX.co ★ European Stocks Rebound, Earnings in Focus

The STOXX 50 experienced an increase of 0.9%, while the STOXX 600 rose by 0.6% on Thursday, marking their first respective gains in six and five trading sessions. Investor focus shifted towards corporate earnings, leading to a recovery in chip stocks, which had suffered significant losses the day before. This recovery was driven by positive results from TSMC, with notable performers including ASML Holding, which rose by 2.7%, Infineon Technologies with a 2% increase, and STMicroelectronics, up by 3.7%. ABB saw a significant rise of over 7% following a report of record order intake, while Volvo increased by 0.7% after surpassing earnings expectations, with signs of a European recovery compensating for weak truck demand in North America. Swedbank also climbed 1.6% due to strong quarterly results. Conversely, easyJet saw a decline of over 6% after cautioning that increased air traffic control delays and higher fuel costs might impact full-year profits. Additionally, Novartis shares dropped nearly 2%, despite the Swiss pharmaceutical company outperforming profit forecasts and announcing a $10 billion share buyback plan.