By Anisha Sircar and Susan Mathew
(Reuters) – European equities closed at a six-week high on Wednesday, as Nestlé’s strong results boosted papers in food companies and helped offset losses after a series of disappointing corporate balance sheets, including those by the luxury group Kering and chip maker ASML.
The pan-European STOXX 600 index closed up 0.3%. The oil sector also offered support as commodity prices rallied.
Swiss food giant Nestlé advanced 2.7%, after disclosing optimistic sales prospects, as strong coffee sales and high prices raised organic sales by 6.5% in the third quarter.
The food and beverage index gained 1.7%, with the Anglo-Dutch Unilever – Nestlé’s rival and which should release results on Thursday – up 0.8%. The sector had fallen in the last session after Danone’s disappointing results.
As the third quarter balance sheet season unfolds, investors are concerned about the impact of higher costs stemming from supply chain problems and labor shortages, especially as major central banks around the world plan to cut back. your stimulus.
Kering dropped 0.6%. The sales growth of Gucci, one of its main brands, fell short of analysts’ expectations, due to the strong slowdown in its pace of recovery, especially in Asia.
ASML Holdings, a major supplier to computer chip makers, fell nearly 4% after its fourth-quarter sales forecast fell short of some analysts’ estimates.
In LONDON, the Financial Times index advanced 0.08%, to 7,223.10 points.
In FRANKFURT, the DAX index rose 0.05% to 15,522.92 points.
In PARIS, the CAC-40 index gained 0.54% to 6705.61 points.
In MILAN, the Ftse/Mib index appreciated 0.94%, to 26,581.77 points.
In MADRID, the Ibex-35 index rose 0.24% to 9,017.90 points.
In LISBON, the PSI20 index gained 1.61% to 5,762.20 points.
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