Europe close: Alphabet and Microsoft earnings help lift gloom

27th Apr 2024 16:44

(Sharecast News) - European shares were higher on Friday as strong earnings from tech giants Google and Microsoft lifted the gloom hanging over markets.

Indeed, investors even shrugged off higher-than-expected readings for inflation in the States.

The pan-European Stoxx 600 index was up 1.11% at 507.98.

In parallel, Germany's Dax was up by 1.36% to 18,161.01, while the Ibex 35 ran up 1.56% to 11,154.60.

"US stocks have made more gains this afternoon, thanks mainly to the positive afterglow from last night's big tech earnings," said IG chief market analyst Chris Beauchamp.

"But the persistence of inflation and its refusal to keep heading lower will be a major headache for US markets, and will cast a long shadow over next week's Fed meeting."

In economic news, the Bank of Japan kept interest rates unchanged, sending the yen to a 34-year low past 156 to the dollar.

In equity news, Anglo American rejected BHP's £31.1bn takeover offer, saying the bid "significantly undervalued" the miner and its future prospects.

Thyssenkrupp gained 6% after the German firm said it would sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky.

Finland's Wartsila gained 12% after the marine technology company reported higher first-quarter profits.

Delivery Hero fell 16% after strong gains on Thursday in response to a lift in full-year guidance.