Europe markets open higher; Energy firm Drax down 11% on probe into past statements
European stock markets opened higher on Thursday, as investors assess an above-consensus quarterly earnings report from tech giant
In Europe, French spirits giant Pernod Ricard reported a 3% decline in sales for the full-year. Performance was pulled down by weak consumer sentiment in China and tariff uncertainty in the U.S. impacting distributor inventories. Shares rose 5% in early deals.
British renewable energy group Drax meanwhile dropped 11% after the company announced it was being investigated by U.K. regulators. The probe relates to statements made about its biomass sourcing between January 2022 and March 2024, and the compliance of its 2021, 2022 and 2023 annual reports with listing, disclosure and transparency rules.
The pan-European Stoxx 600 index was up 0.25% shortly after the open.
In the auto sector, data from the European Automobile Manufacturers Association showed European Union new car registrations rose by an annual 7.4% in July, notching a 39.1% increase in the number of battery-electric vehicles.
The figures highlighted the strong year-to-date growth of Chinese EV-maker BYD, which has recorded a 290.6% hike in new registrations over the January-July period, by far the highest of any manufacturer. European – including U.K. – registrations for BYD’s U.S. rival Tesla are down 33.6% over the same stretch, according to the EAMA.
EU consumer and economic sentiment figures are due out later on Thursday, ahead of inflation prints from France, Germany, Spain and Italy on Friday.
— CNBC’s Kif Leswing contributed to this report.
