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European shares propped up by upbeat earnings

Credit: REUTERS/STAFF

European stocks rose in early trading on Monday as strong earnings updates from Dutch firm Philips and Swiss wealth manager Julius Baer overshadowed worries about fresh coronavirus restrictions across the continent.

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Oct 19 (Reuters) - European stocks rose in early trading on Monday as strong earnings updates from Dutch firm Philips and Swiss wealth manager Julius Baer overshadowed worries about fresh coronavirus restrictions across the continent.

The pan-European STOXX 600 index .STOXX rose 0.8% by 0711 GMT, resuming gains after posting small weekly losses.

With European third-quarter earnings set to recover from a pandemic-led slump, health technology company Philips PHG.AS rose 3.2% as it reported a much better-than-expected 32% jump in core earnings.

Julius Baer BAER.S gained 5.3% after it indicated an improvement in profitability for the first nine months of 2020 as client activity increased and it cut costs.

Danone DANO.PA, the world's largest yoghurt maker, advanced 2.3% as it reinstated its forecasts for 2020 and said it was launching a review of its assets.

Luxury stocks such as LVMH LVMH.PA, Hermes HRMS.PA and Pernod Ricard PERP.PA rose more than 1% after China reported a better-than-expected retail sales growth in September.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

((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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