European stocks start the day with gains fueled by positive earnings outlook

European stocks started the trading day positively on Wednesday, buoyed by strong quarterly earnings from beer giant Anheuser-Busch Inbev and Germany's Siemens Energy. Investor sentiment was also influenced by speculation surrounding potential interest rate adjustments by major central banks.

The pan-European STOXX 600 index rose by 0.3% as of 0720 GMT, reaching its highest levels in over a month. This follows a more than 1% surge to a record closing high on Tuesday.

Siemens Energy saw its shares soar by nearly 13% after the company raised its 2024 outlook, driven by better-than-expected second-quarter results.

Anheuser-Busch Inbev, the world's largest beer maker, experienced a 4.8% increase in its stock price after reporting a 2.6% rise in first-quarter sales, in line with expectations. Additionally, its sales volumes exceeded forecasts, contributing to a 1.4% increase in the food and beverages index.

Supermarket group Ahold Delhaize saw a 4% uptick following better-than-expected first-quarter core profit margins. Meanwhile, German sportswear manufacturer Puma enjoyed a 5.3% rise in its stock price after reporting first-quarter sales in line with market expectations.

On the downside, BMW shares declined by 4.7% as the automaker projected a decrease in pre-tax profit for the year. Similarly, Swedish construction company Skanska experienced a 4.2% drop after reporting a smaller-than-anticipated increase in first-quarter operating earnings.

Paraphrasing text from "Reuters" all rights reserved by the original author.