Earnings nudge European stocks higher, virus concerns limit gains

Credit: REUTERS/STAFF

European stocks inched higher on Friday, boosted by positive earnings updates from Barclays and carmakers, while nagging concerns about the economic impact of surging COVID-19 cases put markets on course for weekly losses.

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Oct 23 (Reuters) - European stocks inched higher on Friday, boosted by positive earnings updates from Barclays and carmakers, while nagging concerns about the economic impact of surging COVID-19 cases put markets on course for weekly losses.

The pan-European STOXX 600 index .STOXX rose 0.2% by 0711 GMT, with Asian markets stuck in a trading range as investors treaded with caution with less than two weeks to go before the U.S. presidential election.

London's FTSE 100 .FTSE was supported by a 2.8% jump in Barclays BARC.L after it reported much better than expected quarterly earnings.

Carmaker Daimler DAIGn.DE rose 1.9% after it raised its 2020 profit outlook, while Renault RENA.PA was up 1.5% after saying it should have positive cash flow from cars by the end of 2020 as sales recovered.

However, gains were limited as France looked set to widen a curfew to more than two thirds of its population after the country set an all-time daily high of new coronavirus cases on Thursday.

IHS Markit's early reading of euro zone and UK business activity for October is due later in the day.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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