European markets higher on more earnings reports; Sweden’s central bank cuts rates
European markets were slightly higher Wednesday as investors digested more earnings reports in the region.
European markets
The Stoxx 600 index was up 0.3% by 12:50 p.m. London time, with sectors trading in mixed territory. Food and beverage stocks were up 1.4%, while mining stocks dipped 1.3%.
Shares of Germany’s Siemens Energy jumped as much as 12.8% in morning deals after the company raised its 2024 outlook on the back of strength in its power grid business.
Meantime, shares of BMW fell 3% on Wednesday after the company reported a lower first-quarter profit margin amid higher costs and muted demand for its luxury cars.
Alstom, Skanska, ABInbev, Swatch Group and Munich Re were among the other companies reporting Wednesday.
Elsewhere, Sweden’s central bank cut interest rates for the first time in eight years on Wednesday in another sign of monetary policy divergence between the U.S. and Europe.
Asia-Pacific markets were largely down overnight as investors parsed through earnings from the region and awaited results of Japanese giants Toyota and Mitsubishi. Meanwhile, Dow Jones Industrial Average futures sat near flat Tuesday night after the blue-chip average clinched its longest winning streak since December.
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