European stocks struggled for gains on Wednesday as investors absorbed a mixed bag of earnings from Société Générale, A.P. Moeller-Maersk and other corporates, while U.S. equity futures rose.
The Stoxx Europe 600 index
SXXP,
+0.20%
rose 0.3% to 411 after a modest decline on Tuesday. But the German DAX
DAX,
-0.02%
slipped 0.1% and the French CAC 40
PX1,
+0.09%
and FTSE 100
UKX,
+0.06%
were flat. Asian stocks had a robust session, with the China CSI 300 index
000300,
+2.14%
surging 2% ahead of the start of the China Lunar New Year holiday.
On firmer footing were U.S. stock futures
ES00,
+0.35%
YM00,
+0.28%
NQ00,
+0.50%,
which pointed to a higher start for Wall Street following a lackluster session that saw the S&P 500
SPX,
-0.11%
and Dow industrials
DJIA,
-0.03%
each snap six-session winning streaks. The Nasdaq Composite
COMP,
+0.14%
eked out its 10th record close.
Investors are waiting for U.S. consumer prices data for January, with a speech coming as well from Federal Reserve Chairman Jerome Powell on the labor market. Data from Europe showed French industrial production falling for a second straight month in December, halting the recovery from the COVID-19-driven drop.
Among European stocks on the move, shares of Adyen
ADYEN,
+10.39%
led the Stoxx 600 gainers with a nearly 10% gain after the Dutch paints company reported higher net profit for the second half of 2020 and lifted its long-term earnings margin target.
Also near the top of the gainers list, shares of Société Générale
GLE,
+2.63%
rose around 3% after the French bank said it would launch a buyback in the fourth quarter, after net profit for the final quarter of 2020 fell less than expected and it also met guidance for 2020.
Shares of Smurfit Kappa
SKG,
+1.02%
rose over 3% after the paper-based packaging group reported higher pretax profit and lifted its final dividend.
On the downside, shares of A.P. Moeller-Maersk
MAERSK.B,
-8.35%
tumbled over 6%. The Danish shipping giant reported surging demand in the fourth quarter and spiking freight rates spiked due to bottlenecks across its supply chain that includes a lack of ships and containers.
Shares of Heineken
HEIA,
-1.24%
fell more than 2% after the Dutch brewer said it swung to a loss for 2020 due to pandemic effects, but laid out a target to restore its adjusted operating profit margin to around 17% by 2023. Heineken also said it expects improving market conditions in the second half of this year.
Dutch lender ABN Amro
ABN,
-3.74%
reported a sharp fall in fourth-quarter net profit for the fourth quarter due to COVID-19. Shares fell 2%.
