European Shares Rose on Earnings and Hopes For a Recovery

European stocks rose for the third session in a row on Wednesday, while focus remained on a day filled with earnings announcements, as positive sentiment extends from Asian markets thanks to hopes for a faster global economic recovery.

Siemens’ shares rose 1.8% after the German engineering firm raised its forecast for 2021 after better-than-expected results for the first quarter thanks to a faster-than-expected recovery from a decline caused by Covid-19 in China and Germany.

The German DAX index rose 0.8%, while the European STOXX 600 index rose 0.9%.

Novo Nordisk added 3.2% after the diabetes drug maker announced an optimistic forecast for 2021 sales and profits.

All major European sector indices rose in early trade.

Swedish truck maker AB Volvo, rose 0.7% after it reported core earnings above expectations for the fourth quarter of last year, raised its forecast for some of its major markets and offered generous dividends to shareholders.