European Stocks Continue Their Gains on Positive Earnings From Nestlé and Volvo

European stocks are moving towards record highs Thursday, April 22nd after plunging earlier in the week, as sentiment improved thanks to a raft of strong earnings reports ahead of the European Central Bank’s policy decision.

The European Stoxx600 index rose 0.4%, extending its gains for the second consecutive session after fears about a new wave of Covid-19 pushed European markets into the worst day in 2021 on Tuesday.

Nestlé added 2.2% after the company reported the strongest quarterly sales growth in ten years, supported by demand for coffee, dairy and pet grooming products.

Swedish truck maker Volvo jumped 4.6% as the company’s first-quarter earnings beat market expectations on the back of soaring demand.

Credit Suisse plunged 5.7% after the bank incurred a pre-tax loss of 757 million Swiss francs in Q1 as the blow from the Archegos crisis wiped out gains from ample trading.