Tuesday, 25 June 2024
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Stock Market

European markets surge as Tesla earnings uplift mood worldwide

  • The quarterly results season is still in full swing, and European stock markets continued to rise on Wednesday.
  • Subsequent profits are expected from the US Big Tech industry, Microsoft, and Alphabet, the parent company of Google.
  • The U.S. crude futures contract was up 0.3% at $83.58 per barrel, and the Brent contract was up 0.3% at $88.67.

The quarterly results season is still in full swing, and European stock markets continued to rise on Wednesday. In Germany, the DAX index increased by 0.2%, and in the United Kingdom, the FTSE 100 increased by 0.3%.

Despite the automaker’s expedited ambitions to build more affordable EV cars, Tesla’s stock surged in premarket trading. Subsequent profits are expected from the US Big Tech industry, Microsoft, and Alphabet, the parent company of Google.

European Market

Corporate results must also be processed in Europe. After operating earnings below estimates as a result of lower revenues and losses at its Polestar company, Volvo Car’s stock dropped by more than 7%.

After the French telecom behemoth revealed lower-than-expected revenue growth in the first quarter and saw a decline in sales at its European division, Orange’s stock dropped 2%. The Swiss pharmaceutical giant Roche reported a slight increase in first-quarter sales, which lifted its stock by 1.7% despite the ongoing decline in demand for its Covid-19 medicines.

According to the German Ifo Institute’s study on business conditions and expectations for April, morale in the biggest economy in Europe is predicted to have slightly improved.

As noted by several ECB officials, including President Christine Lagarde, this is not expected to deter the ECB from lowering interest rates in June. Industry data indicating a surprising decline in U.S. inventories helped to push up oil prices on Wednesday.

As of 02:05 ET, the U.S. crude futures contract was up 0.3% at $83.58 per barrel, and the Brent contract was up 0.3% at $88.67. The Energy Information Administration is expected to release official statistics on oil stockpiles later on Wednesday, allowing for verification.

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