(Reuters) – European shares gained on Thursday as upbeat quarterly results from STMicroelectronics, Sabadell and Nokia eased worries over the corporate earnings season amid signs of a recession.
The pan-European STOXX 600 rose 0.6% at 0835 GMT, with technology and financial services stocks leading gains.
STMicroelectronics jumped 8.4% after the chipmaker reported bigger-than-expected fourth-quarter sales.
Spanish lender Sabadell gained 8.8% following the management’s upbeat commentary on 2024 net interest income despite a fall in fourth-quarter net profit.
Nokia rose 5.5% after the Finnish telecom equipment maker beat quarterly operating profit expectations and forecast higher 2023 sales.
Expectations that the eurozone economy will make a soft landing in 2023 have grown, thanks to China’s reopening and Europe’s ability to keep lights on through the winter, helped by warmer weather and ramped-up energy capacity.
(Reporting by Ankika Biswas in Bengaluru; Editing by Anil D’Silva)
