European stocks experienced a notable upswing on Thursday morning, as a number of companies released earnings reports that exceeded market expectations. Among the standout performers was Barclays, whose shares surged by more than 4% in early trading. The British bank reached a nine-year high after posting a remarkable 23% rise in quarterly profits, surpassing forecasts.
In France, Renault’s shares climbed by over 7%. The carmaker reported an increase in third-quarter revenue, which significantly boosted market confidence. Meanwhile, Hermès International also delivered promising results, managing to thrive despite a slowdown in the luxury sector. Its sales rose by 11%, primarily driven by strong demand for its Birkin bags, leading to a more than 2% increase in the company’s shares.
These gains had a positive impact on broader European markets. The Stoxx Europe 600 index rose by 0.61%, while the FTSE 100 gained 0.84% in early trading.
The market was buoyed by strong corporate performance, which gave a much-needed boost to European stocks during an otherwise cautious period for global markets.
JPMorgan European Discovery Trust plc (LON:JEDT) is an investment trust company. The Investment Trust JEDT objective is to achieve capital growth from a portfolio of quoted smaller companies in Europe, excluding the United Kingdom.
