Euro stocks up, boosted by Asian rise, HSBC earnings
European stocks are anticipated to begin higher on Monday, boosted by Asia’s stability overnight and favorable results from banking giant HSBC.
DAX futures contract in Germany rose 0.4% at 2 AM ET (0600 GMT), while France’s CAC 40 futures inched up 0.5%, and the United Kingdom’s FTSE 100 futures went up 0.4%.
Asia’s Monday gains have made a positive impact on Europe as Chinese equity markets stabilized after the previous week’s heavy selloff. The development was helped by the Chinese regulators’ call for a dialogue with their US counterparts about Chinese companies’ listings in the US.
Another factor that has aided in Europe’s Monday boost is the HSBC’s strong quarterly results. The banking giant garnered pretax profits of $10.8 billion for the year’s first half, more than twice its performance for the same period of the previous year.
In other European news, Dutch brewing company Heineken beat its first-half earnings expectations, while France’s AXA reported a 180% increase in net income in the first half.