European equities extended gains on Thursday, supported by stronger-than-expected GDP data and upbeat corporate earnings. The Euro STOXX 50 rose nearly 1% to around 6,300, while the STOXX Europe 600 advanced 0.7% to about 649.
Eurozone GDP grew by 0.4% in the second quarter, double the market consensus of 0.2%, underscoring the bloc’s resilience in the face of surging energy prices and higher sovereign bond yields. However, sentiment was tempered by persistently elevated EU-harmonized inflation, with notable increases in Spain and Germany.
On the corporate front, Schneider Electric jumped 9% after raising its full-year guidance. BBVA gained 3.5% following an 11.4% rise in net profit, while ING climbed more than 4% after releasing its results, helping to lift the broader banking sector. Ferrari also held onto modest gains after upgrading its outlook.
In contrast, Adidas tumbled more than 16%, as substantial spending on marketing campaigns around the FIFA World Cup drove a sharp increase in costs.
