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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.
