European shares are trading in positive territory shortly after midday Friday, as investors are impressed by a number of first-quarter earnings releases at the end of a busy week. News that North and South Korea are in agreement over denuclearisation is also being well received.
By 1235 BST, the EUROSTOXX 600 was 0.11% in positive territory, while the EUROSTOX 50 had gained 0.31%. Regional bourses were also higher. The German DAX rose 0.79%, the French CAC was 0.27% in the green and the Spanish IBEX was 0.12% higher.
Investors had another batch of earnings results to digest Friday, which included some mixed, but over all positive details from German car maker, Daimler.
Q1 revenues grew 3% from a year earlier although profits were 12% down compared with Q1 2017. However, an upbeat outlook on sales growth helped keep the stock in positive territory. Daimler shares gained 0.45% to trade at €65.32.
Other positive stock moves include:
- Spanish bank BBVA shares rose 0.12% to €6.54 after reporting a 12% rise in Q1 profits.
- SES shares climbed 10.88% to €13.05 after the French satellite company reported better-than-expected Q1 earnings.
- Cap Gemini shares were up 5.11% at €112.20 on upbeat Q1 figures and a subsequent price target increase from Kepler Chevreux.
Of course, not all reports impressed.
Airbus shares slipped earlier Friday after the European plane maker said it was reducing production of its larger A330 jet to just 50 per year from 2019. However, the stock posted a recovery in the early afternoon and was 1.06% higher at €96.51.
Korean politics prove supportive
Separately, an agreement between the leaders of North and South Korea to remove all nuclear capabilities from the country. The news follows an historic summit between the two countries.
Kim Jong-un who leads north Korea and Moon Jae-in who leads in the south both announced the news, Friday.
Details on exactly how this will happen are currently thin on the ground. However, the leaders pledged to deliver on this agreement after previous plans had “fizzled out.”