European stocks are at the highest level in 9 months

European stocks touched a nine-month high on Thursday, supported by earnings data from companies including Germany’s Siemens and Britain’s AstraZeneca, which helped ease concerns raised by Federal Reserve officials after they stressed the need for more interest rate hikes.

The Stoxx 600 index of European shares rose 0.8 percent by 0820 GMT, extending its gains for the third consecutive session.

The index of industrial companies was the best performer among sector indices, supported by a 6.3 percent rise in Siemens after announcing better-than-expected earnings and boosting its forecast for full-year sales.

The health care companies index also rose after AstraZeneca rose nearly 2 percent after recording better-than-expected profits in the fourth quarter, as well as Bayer’s share increasing 3.5 percent after changing its CEO.

Among the biggest losers was Credit Suisse Group, which fell 5.3 percent after announcing its worst annual loss since the 2008 global financial crisis and warning of another “significant” loss this year.

Volvo Cars also fell 2.5 percent, as the Swedish company expects 2023 to be another challenging year after announcing a decline in its quarterly profit.