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Delayed Quote. Delayed Switzerland - 05/11 11:50:00 am
3946.06 PTS   -1.92%
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3950.17 PTS
12:19pEurostoxx 50 : European stocks mark worst sell-off this year, travel and tech tumble
07:49aEuropean Bourses Join Global Slump Midday; Tech Issues Decline
01:02aPRESS RELEASE : E.ON SE: E.ON fully on track after strong first quarter of 2021
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European stocks end flat between earnings optimism, Fed caution

04/28/2021 | 12:01pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European stocks ended flat on Wednesday as optimism over a swathe of positive bank earnings was offset by caution setting in before the U.S. Federal Reserve's policy decision.

The pan-European STOXX 600 index ended largely unchanged, with bank stocks <.SX7P> leading gains among the regional sectors. The subindex ended 1.5% higher.

Deutsche Bank jumped 10.7% to the top of the STOXX 600, as strength at its investment bank helped the German lender post a better-than-expected first-quarter net profit.

Spanish bank Santander rose 2.7% after it beat first-quarter forecasts with its profit, while not adding to provisions for the pandemic and booking record U.S. earnings.

Lloyds Banking Group also rose 3.5% after reporting a better-than-expected profit, while Swedish bank SEB marked small gains on a profit beat.

"At a market level, Europe has performed strongly year-to-date and it's clear that there has been an anticipation that the recovery will be quite sharp and strong," said Tom Dorner, investment director for European equities at Aberdeen Standard Investments. "You're still seeing a rotation in the market in favour of the more cyclical names like banks and autos."

The buying into cyclicals has seen travel and leisure, automobiles, basic resources and banks among the top performing euro zone sectors this year.

However, investors stayed away from making big bets on Wednesday, ahead of the U.S. central bank's policy announcement due at 1800 GMT. Policymakers are widely expected to reaffirm their stance to keep monetary policy loose until enough economic progress has been made.

Earnings at European companies in the first quarter of 2021 are expected to surge 71.3% from a year earlier, according to Refinitiv IBES data, up from last week's forecast of a 61.2% jump.

The world's biggest advertising company WPP jumped 4.3% to the top of the FTSE 100 on returning to underlying growth in the first quarter, as clients launched new products and brands.

German food delivery company Delivery Hero surged 9.4%, after it forecast revenues to more than double in 2021.

Among decliners, Lysol maker Reckitt Benckiser Group fell 3.9% , even as the company backed its full-year outlook.

Italian energy service group Saipem fell 5.1% after it missed quarterly profit estimates and flagged uncertainty over a Mozambique project.

Swedish communications provider Sinch AB tumbled 10.8% to the bottom of the STOXX 600 despite a rise in first-quarter profit, as it said that some of its sectors were still under pressure from the pandemic.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta, Rashmi Aich and Peter Graff)

By Sruthi Shankar and Ambar Warrick

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.78399 Delayed Quote.2.12%
BRITISH POUND / US DOLLAR (GBP/USD) 0.14% 1.41514 Delayed Quote.2.68%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.05% 0.8265 Delayed Quote.5.11%
DELIVERY HERO SE -3.06% 113.95 Delayed Quote.-7.44%
DEUTSCHE BANK AG -2.06% 11.328 Delayed Quote.29.24%
EURO / US DOLLAR (EUR/USD) 0.07% 1.21498 Delayed Quote.-0.36%
EURO STOXX 50 -1.92% 3946.06 Delayed Quote.13.25%
FTSE 100 -2.47% 6947.99 Delayed Quote.10.26%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.18% 0.01363 Delayed Quote.-0.36%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.05% 0.72662 Delayed Quote.1.59%
WPP PLC -3.39% 957.8 Delayed Quote.23.93%
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INTESA SANPAOLO S.P.A. 2.392 Real-time Estimate Quote.0.10%
SIEMENS AG 139.95 Real-time Estimate Quote.-2.68%
DANONE 55.98 Real-time Quote.-2.78%
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