European stocks close higher after major earnings; Commerzbank up 5%
European stocks closed higher on Wednesday as investors digested another round of major corporate earnings reports, but weaker-than-expected euro zone economic data capped gains.
The pan-European Stoxx 600 closed up by 0.5%, paring earlier gains after July’s final euro zone PMI (purchasing managers’ index) reading came in at a modest 56.5, with the bloc’s dominant services sector showing a weaker rebound than expected.
Commerzbank posted a better-than-expected 21% dip in net profit to 220 million euros ($260.2 million) for the second quarter, and forecast a net loss for the full year fueled by increased loan loss provisions due to the coronavirus pandemic and the insolvency of Wirecard. Commerzbank shares climbed almost 5%.
Reference: CNBC
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