European stocks edge up, Airbus shines

European stocks edged up on Thursday, Airbus shines after investors brushed off a spike in US inflation, turning their focus back to company earnings from heavy hitters including the aerospace firm.

The pan-European STOXX 600 rose 0.8 per cent by 0933 GMT, hitting its highest level in a week. The main European stock index was still down 6.5 per cent from its 2 1/2-year peak hit as recently as Jan. 23.

Basic resources, industrials, banks and technology stocks were the best performers at the market, reports Reuters.

The rapid recovery from a higher-than-expected rise in US inflation reported on Wednesday took some by surprise, and investors said the bounce back indicated underlying strength in the market.

Airbus shares jumped 8.8 per cent after the firm beat profit and earnings expectations, though it booked a new 1.3 billion euro charge on its A400M military plane.

Schneider Electric was a top CAC 40 gainer, up 5.0 per cent after the electrical equipment producer reported a strong profit margin despite headwinds from the rise in the euro.

Shares in Dutch insurer Aegon gained 3.7 per cent after the firm reported a doubling of quarterly net income.

Insurer NN Group fared less well than its rival Aegon. The Dutch firm’s shares fell 3.0 per cent after it reported profit undershooting analysts’ expectations.

Meanwhile bank and insurance firm Old Mutual, and mining company Anglo American rose to the top of Britain’s FTSE 100, sending the rand to near three-year highs.