(Reuters) – European stocks rose on Thursday as strong quarterly results from STMicroelectronics, Sabadell and Nokia allayed fears of a corporate earnings season amid signs of a recession.
The overall European STOXX 600 (.STOXX) rose 0.6% at 0835 GMT, led by technology stocks (.SX8P) and financial services stocks (.SXFP).
STMicroelectronics jumped 8.4% after the semiconductor maker reported better-than-expected fourth-quarter sales.
Spanish lender Sabadell (SABE.MC) rose 8.8% on positive management comments on 2024 net interest income, despite lower fourth-quarter net profit.
Nokia (NOKIA.HE) surged 5.5% after the Finnish telecom-equipment maker beat its quarterly operating profit forecast and forecast higher sales in 2023.
Expectations are rising for a soft landing for the Eurozone economy in 2023. This is thanks to China’s resumption of economic activity and Europe’s ability to keep the lights on during the winter, aided by a warmer climate and increased energy capacity.
Reported by Ankika Biswas, Bangalore. Edited by Anil D’Silva
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