European Shares Mostly Higher After GDP Data

(RTTNews) - European stocks were mostly higher on Wednesday as investors digested a slew of mixed earnings reports and looked ahead to the release of U.S. CPI report later in the day for directional cues.

Meanwhile, the euro area economy recovered as estimated in the first quarter after contracting for two straight quarters, flash estimate from Eurostat showed today. GDP grew 0.3 percent sequentially, reversing the 0.1 percent falls each in the third and fourth quarters of 2023. The rate matched the preliminary flash estimates released on April 30. On a yearly basis, economic growth improved to 0.4 percent from 0.1 percent.

Separately, Eurostat figures revealed that Eurozone industrial production rose 0.6 percent month-on-month in March, above expectations of 0.5 percent growth.

The pan European STOXX 600 was up 0.3 percent at 523.43 after rising 0.2 percent on Tuesday.

The German DAX climbed 0.6 percent and the U.K.'s FTSE 100 added 0.3 percent while France's CAC 40 was marginally lower.

In corporate news, Poland's InPost surged 9.4 percent after Q1 core profit jumped 36 percent.

ABN AMRO Bank shares slumped 4.6 percent. The Dutch lender reported a weaker capital ratio in the first quarter due to an increase in risk-weighted assets.

Finland's Neste plunged more than 13 percent. The biofuels maker lowered its 2024 margin guidance for renewable products.

British credit data firm Experian soared nearly 8 percent after it forecast annual organic revenue growth of between 6 percent and 8 percent for fiscal year 2025.

Drinks company Britvic surged 11 percent after posting a jump in interim profit and revenue and announcing a £75m share buyback.

Engineering group Hunting soared 23 percent on news of a new order win worth $145 million from the Kuwait Oil Company.

Telecom group Vodafone advanced 4.6 percent after launching a €500 million share buyback program.

German diversified group Merck KGaA surged 4.1 percent after Q1 adjusted profit fell less than expected.

Thyssenkrupp shares plunged 4.3 percent as the conglomerate cut its annual sales and profit forecasts for the second time in three months.

Lender Commerzbank jumped 4.6 percent after reporting its best quarterly profit in more than 10 years and upgrading outlook for lending income this year.