{"id":12581,"date":"2021-08-05T10:06:33","date_gmt":"2021-08-05T10:06:33","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/08\/05\/european-shares-mostly-higher-ahead-of-boe-update\/"},"modified":"2021-08-05T10:06:33","modified_gmt":"2021-08-05T10:06:33","slug":"european-shares-mostly-higher-ahead-of-boe-update","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/08\/05\/european-shares-mostly-higher-ahead-of-boe-update\/","title":{"rendered":"European Shares Mostly Higher Ahead Of BoE Update"},"content":{"rendered":"
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European stocks were flat to slightly higher on Thursday as investors digested a slew of mixed earnings updates and awaited a key monetary policy update from the Bank of England for direction.<\/p>\n

The central bank is not likely to make any policy changes but looks set to raise its inflation forecasts as surging prices worldwide pose a threat to economic recovery.<\/p>\n

The pan-European Stoxx 600 Index edged up 0.3 percent to 469.82 after gaining 0.6 percent on Wednesday. The German DAX inched up 0.1 percent and France’s CAC 40 index rose half a percent, while the U.K.’s FTSE 100 was little changed.<\/p>\n

Swisscom gained more than 2 percent after the telecommunications company raised its earnings guidance for 2021.<\/p>\n

German automation company Siemens jumped 3.2 percent after raising profit guidance for the third time this year.<\/p>\n

Continental AG lost 2.3 percent as the automotive supplier cut its growth forecast for the production of passenger and light commercial vehicles in 2021.<\/p>\n

Drug maker Bayer slumped 5 percent as it reported a second-quarter loss and announced a deal to buy U.S. biotech company Vividion Therapeutics Inc. for as much as $2 billion.<\/p>\n

Sportswear maker Adidas plunged 4.1 percent despite the company raising its outlook for full-year sales and profitability.<\/p>\n

Online fashion retailer Zalando plummeted 8.7 percent. After reporting a 34 percent rise in second-quarter sales, the company said it expects 2021 operating profit to come in at the upper end of its forecast range.<\/p>\n

Credit Agricole shares were down 1.2 percent. The French lender said its second-quarter net income more than doubled from the same period last year as provisions declined reflecting an improving economy<\/span>.<\/p>\n

Glencore fell about 1 percent in London. The commodity trading and mining company raised expectations for its trading division, but lowered full-year guidance for nickel and coal, citing output disruptions.<\/p>\n

Gold mining company Centamin tumbled 3 percent after its net profit for the first half of the year fell 20 percent, reflecting weaker gold production and higher unitary costs.<\/p>\n

Real estate investment trust company Hammerson declined 1.8 percent after releasing mixed half-year results.<\/p>\n

WPP rallied 2.3 percent. The advertising group said its revenues had returned to pre-pandemic levels a year sooner than it had expected.<\/p>\n

Paper and packaging group Mondi jumped 2.5 percent after reporting a stable set of results for the first half.<\/p>\n

Troubled engineering group Rolls Royce Holdings soared 3.7 percent after it moved back into the black in the first half of the year.<\/p>\n

In economic releases, data showed German factory orders grew more than expected in June, underpinned by strong domestic demand.<\/p>\n

Factory orders advanced 4.1 percent month-on-month in June, reversing a 3.2 percent fall in May, Destatis reported.<\/p>\n

On a yearly basis, manufacturing orders advanced sharply by 26.2 percent, but down from 54.9 percent in May.<\/p>\n

The recovery in U.K. construction output lost momentum in July with slower growth seen in all three main categories of work, survey results from IHS Markit showed.<\/p>\n

The Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index fell to 58.7 in July from June’s 24-year high of 66.3. The reading was forecast to fall to 64.0.<\/p>\n

The latest reading signaled the slowest overall increase in construction output since February. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n