U.S. stock futures flat ahead of big bank earnings
European stocks struggled for traction on Wednesday, in relation to an article in Reuters as investors mulled concerns over COVID-19 vaccines.
Shares of SAP and LVMH Moet Hennessey and easyJet then climbed on well-received results.
The Stoxx Europe 600 index on the other hand rose 0.1% to 436.33, after a modest move up on Tuesday. The German DAX consolidated, the FTSE 100 rose 0.1%, while the French CAC 40 rose 0.4%.
U.S. stock futures rose, following Tuesday’s mostly higher close, with a fresh record for the S&P 500 and a 1% gain for the Nasdaq Composite.
Reason for European stocks shrug
The temporary halt of J&J’s one-shot COVID inoculation due to “extremely rare” blood-clotting issues in six women disappointed lots of investors in the U.S. market.
The Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices will be having an emergency meeting to discuss J&J’s vaccine later on Wednesday.
Officials said the cases were similar to blood clots found in a small number of people in Europe who were immunized with AstraZeneca’s shot. Johnson & Johnson is pausing its rollout in Europe.
Europe earnings rocketed, with SAP up 4.2% and near the top of Stoxx 600 gainers after preliminary first-quarter.
The German business software maker saw a sharp rise in new cloud business.
Not that far from behind were shares of easyJet after the low-cost airline.
Its headline pretax loss for the first half of fiscal 2021 came in slightly better than expectations.
LVMH Moet-Hennessy shares rose 2.6% after consensus-beating the first-quarter sales driven by strong performance by flagship brands.
It was the initial marking in the integration of U.S. jeweler Tiffany, which saw organic revenue growth of 35%.
Louis Vuitton and Dior labels rose 52%. Shares of Compagnie Financiere Richemont were also up 2%.
Tesco, the least performing stock fell 3% after the grocery chain reported a fall in pretax profit due to pandemic.
The company said it expects improved profitability for the year ahead on reduced spending.
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