European stocks climb on corporate earnings
European stocks inched higher today supported by strong corporate earnings and the performance of the healthcare sector. There are expectations that the growth of the U.S. labor market in July may give the Federal Reserve room to adopt a more flexible stance on monetary policy. The Stoxx 600 Index increased by 0.3%, reaching 659.91 points. With earnings growth forecasts for companies expected to exceed 22% in the second quarter, the data indicates underlying strength in the market despite reduced risks of an economic slowdown. The standout stock was Kingspan, which rose by 15.8% following improved financial results and an upward revision of its outlook, amid ongoing concerns about the impact of rising oil prices on inflation.
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