Leading Stocks And Travel Companies Lead The Gains in Europe

A series of strong results from European blue-chip companies helped the region’s stock index rise on Wednesday and continue to recover after Monday’s sharp losses, while travel stocks returned to their strong performance after weeks of declines.

The pan-European Stoxx 600 index was up 0.7%, while leisure and travel stocks jumped 3.2%, after a very weak performance recently due to fears of growing virus infections.

In terms of corporate results, Dutch semiconductor equipment manufacturer ASML rose 4% after the company raised its 2021 sales forecast and announced a new share buyback plan.

Swiss drugmaker Novartis rose 2.1% after a core second-quarter net profit that beat market expectations, thanks to sales of its flagship drugs.

British clothing retailer Next jumped 8.5%, the top performer on the Stoxx 600, after the company raised its full-year profit forecast.

In contrast, German software company SAP shares fell 3.9%, despite raising its forecast for the second time this year.

Automaker Daimler fell 1.1% after it warned that a global semiconductor chip shortage could hit car sales in the second half of 2021.