European Stocks Are Rising Supported by Strong Results

European stocks rose in early trade on Monday, supported by strong results from Dutch Phillips and Swiss wealth manager Julius Baer, ​​overshadowing concerns about new restrictions imposed to combat the Coronavirus across the continent.

The pan-European STOXX 600 index was up 0.8%, resuming its rise after suffering limited weekly losses.

Philips Healthcare Technology rose 3.2% after reporting a 32% jump in core earnings, which beat expectations. Julius Baer rose 5.3% after the bank reported an improvement in profitability for the first nine months of 2020 in light of growing customer activity and cutting costs.

Danone, the world’s largest yogurt producer, rose 2.3% after the company reconfirmed its 2020 forecast and said it was in the process of conducting a review of its assets.

Luxury stocks such as LVHM, Hermes, and Pernod Ricard rose more than 1% after Chinese retail sales grew better-than-expected in September.