Europe open: Shares shrug off Wall St to post gains; Sartorius slumps

18th Apr 2024 08:34

(Sharecast News) - European shares continued to rally on Thursday as investors shrugged off another weak session in the US overnight.

The pan-regional Stoxx 600 index was up 0.25% at 499.78 with all major bourses higher. Asian shares were also in upbeat mood, helping fuel sentiment.

Oil prices were below $87 as the prospects of fewer US interest rate cuts and signs that China's economy was still struggling offset worries around supply amid Middle East tensions between Israel and Iran.

In equity news, Swiss engineering firm ABB surged after reporting flat revenue for the period of $7.87bn, and an 11% rise in operating profit to $1.41bn, ahead of expectations.

Finland's Nokia slipped after missing market expectations for operating profit as net sales fell 19%.

Sartorius Stedim Biotech slumped by 16% after the German firm released first-quarter results.

Reporting by Frank Prenesti for Sharecast.com