SocGen earnings lift European Stocks

Stock markets in the euro zone were seen opening stronger on Wednesday, getting some lift from solid earnings from Societe Generale, as well as from hopes for a global economic recovery from the coronavirus pandemic.

The DAX futures contract in Germany gained 0.1%. CAC 40 futures in France added 0.3% while the United Kingdom’s FTSE futures contract rose 0.4%. Italian stocks stayed hovering around 12-month highs.

Germany’s consumer prices in January climbed 0.8% on a monthly basis and 1.0% year-on-year. With growing expectations for a global economic recovery backed by robust vaccination programs and fiscal and monetary spending, stock markets have climbed strongly in the last few months.

Societe Generale posted stronger-than-expected figures with 470 million euros ($569 million) net profit for the fourth quarter, though ending the year 2020 with 258 million euros net loss.