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European Bourses Close Higher on Corporate Earnings

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Last updated: 01/25/2022 12:46:30

12:46 PM EST, 01/25/2022 (MT Newswires) -- European stock markets ended pared some of the losses they suffered a day ago as investors started looking at a fresh set of corporate earnings this week.

The FTSE 100 Index in the UK was up 1%, the Stoxx Europe 600 and Germany's DAX both climbed 0.8%, France's CAC rose 0.7% and the Swiss Market Index gained 0.5%.

The International Monetary Fund trimmed its forecast for the British economy for 2022 because of the impact of the omicron variant. However, it raised its forecast for 2023, Reuters reported. The IMF now expects a 4.7% growth in the UK's gross domestic product in 2022 and a 2.3% increase in 2023, up from previous forecast of a 5% growth in 2022 and 1.9% growth in 2023.

The European Union is going to adopt a new system of travel regulations that should make it easier for travelers to move within the bloc, as EU ministers approved the updated rules. The new rules, which are effective Feb. 1, will shift the check on the traveler's vaccination status rather than the country of origin.

The German business expectations index jumped to 95.2 points in January from 92.7 in December, the first time it rose since July, according to Ifo Institute. The figure surpassed the consensus estimate of 93.0 points.

On the corporate front, Ericsson (ERIC-A.ST) was up nearly 8% the company's full-year 2021 results surpassed analysts' expectations. Net income rose year over year to 22.69 billion kronor ($2.44 billion), or 6.81 kronor per share, from 17.48 billion kronor, or 5.26 kronor per share. Analysts polled by Visible Alpha were expecting 18.75 billion kronor, or 5.91 kronor per share. Net sales for the 12-month period were 232.31 billion kronor, which was a slight dip from 232.39 billion kronor in the preceding year, and higher than the analyst consensus of 230.31 billion kronor on Visible Alpha.

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