Nokia, BNP earnings prop European stocks as growth worries linger

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany,

European shares were largely flat on Friday after encouraging earnings updates from Nokia, BNP Paribas and others countered concerns about a global economic recovery as coronavirus cases surged globally.

The pan-European STOXX 600 was on course to end the month flat-to-lower after weak economic data and concerns about the 2020 U.S. presidential election sent the index to a one-month low on Thursday.

Concerns about a resurgence in COVID-19 cases in Europe weighed, with Paris-listed shares .FCHI edging lower even as data showed the French economy contracted by a smaller-than-expected rate in the second quarter.

Euro zone GDP numbers are due at 0900 GMT.

In earnings-driven moves, Finnish telecom network equipment maker Nokia (NOKIA.HE) surged 10.6% to the top of STOXX 600 as it reported an unexpected rise in its underlying profit.

Technology stocks .SX8P were the top gainers, up 1.6% after Wall Street’s tech giants, Apple (AAPL.O), Amazon (AMZN.O) and Facebook (FB.O), reported forecast-beating results overnight.

BNP Paribas (BNPP.PA) rose 3.9% as it earned a higher-than-expected quarterly profit, boosted by a surge in fixed income trading and strong demand for corporate finance.

Was it worth reading? Let us know.