European stocks trade higher; TomTom sees gains after extended Uber contract

14.10.2020 - Davydova Maria
European stocks trade higher; TomTom sees gains after extended Uber contract

European stock markets gained substantially larger on Wednesday, buoyed up by positive news from the corporate sector. However, gains remained limited as concerns of the COVID-19 pandemic mounted.

Germany’s DAX futures gained 0.1% at 3:40 AM ET (0740 GMT), while the U.K.’s FTSE index saw a climb of 0.4%. However, CAC futures in France lost 0.1%.

Dutch-based navigational-technologies company TomTom saw its stocks rise by 6.7% after it announced that it would extend its contract with Uber Technologies. It said its basic underlying earnings for the third quarter had fallen sharply on the year, although they were still above forecasts.

Meanwhile, the resurgence of the COVID-19 virus in Europe continues to weigh in on concerns with a number of countries tightening restrictions in a bid to contain the pandemic. 

Germany saw a surge in infections at the fastest pace since April, while France reported a growing number of patients in need of intensive care. In Italy, new cases rose to a record level since March.

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