European shares mixed, supported by strong ArcelorMittal earnings report

European shares are mixed as the STOXX are seen ending higher on a weekly basis for the 7th straight period.

European shares mixed, supported by strong ArcelorMittal earnings report

European shares are trading mixed-to-lower around midday Friday, something that might not be enough stop the indices from ending the week in positive territory for a seventh consecutive week.

Q1 earnings from the worlds largest steel maker ArcelorMittal could help limit declines, bolstering the likely positive weekly result.

By 1210 BST, the EUROSTOXX 60 was 0.03% in positive territory, while the EUROSTOXX 50 was off 0.26%. Regional bourses were equally mixed. The German DAX was 0.25% in negative territory, the French CAC lost 0.35% and the Spanish IBEX was 0.10% higher.

Positive run

Despite some mixed earnings releases and geopolitical developments, European indices are on course to end the week in positive territory – on a weekly basis – for the seventh straight period.

If the STOXX do end this week higher than the previous period, it will mark the best performance for three months for the regions stock markets.

ArcelorMittal shares is one index constituent working to help that happen. The steel maker’s first quarter earnings came in above expectations with positive earnings, sales and an upbeat outlook, to boot. ArcelorMittal shares were 2.38% higher at €30.26.

Another positive stock performance Friday comes from Sika as the Swiss chemical group has finally ended a longstanding legal disagreement with French building company Saint-Gobain. Sika shares rose 8.33% to trade at CHF8,130.

Saint-Gobain shares, meanwhile were up 2.66% at €45.30.

Stock fallers

Amid the broadly upbeat feeling regarding the broader European stock markets weekly performance, there were still some stock losers of note.

Shares in Airbus-KLM were unsurprisingly in the red after the airline reported lower passenger numbers, which it attributed to strike action. Airbus-KLM shares fell 0.39% to hit €99.24.

Other stock losers Friday include:

  • Siemens shares lost 0.50% to trade at €115.32.
  • Bayer shares were 0.97% lower at €101.64.
  • BMW shares fell 0.30% to €92.08.
  • Philips shares slid 1.73% to €34.90.

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