Stocks up on upbeat earnings

European stock markets recovered yesterday, helped by upbeat earnings reports across the region.

The FTSE 100 index of leading British shares was up 34.03 points, or 0.7 percent, at 5,071.24 while Germany's DAX rose 78.24 points, or 1.5 percent, at 5,431.59. The CAC-40 in France was 45.89 points, or 1.3 percent, higher at 3,630.14.

Sentiment was buoyed by forecast-busting earnings from the likes of British retailer Marks & Spencer PLC and German sportswear company Adidas AG.

Marks & Spencer shares rose nearly 6 percent after the company reported better than expected first-half profits and a pickup in market share. Meanwhile, Societe Generale shares rose 4 percent after France's second-largest bank reported a doubling in third quarter profit on strong earnings in investment banking. Adidas shares spiked 4 percent after it voiced cautious optimism for the coming year despite a 30 percent fall in third quarter profit.

Though the earnings helped provide some support in Europe's markets, investors are warning of volatile trading in the hours and days ahead amid a raft of economic news, particularly from the US.

Source:China Daily