Evergrande relief, earnings support European stocks

  • 10/22/2021
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(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Oct 22 (Reuters) - European stocks opened higher on Friday as a surprise interest payment by debt-ridden China Evergrande Group buoyed global sentiment while strong earnings from L’Oreal and gains in tech stocks lent further support. The pan-European STOXX 600 added 0.2% by 0707 GMT, while Asian shares rose on news that the Chinese property developer had wired funds for a dollar bond interest payment, days before a deadline that would have sunk the group into formal default. European personal & household goods and tech were among the top gainers, up about 0.7% each. French cosmetics major L’Oreal surged 5.4% after posting strong revenue growth on demand for its luxury lines and growth in China, while tissue maker Essity gained 5.2% after setting a new target to ramp up sales. France’s Renault slipped 1.2% after the carmaker said its production losses this year would be far larger than previously forecast owing to a global chip shortage. Swedish mining firm Boliden dropped 5.4% as its third-quarter operating profit fell below market forecasts, pressured by higher costs and lower volumes. (Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu)

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