European markets inch higher as investors digest earnings, Fed decision

European markets inch higher as investors digest earnings, Fed decision

© APA | Fed

# 29 July 2021 12:31 (UTC +04:00)

European stocks inched higher Thursday as investors digested a fresh round of major corporate earnings and the U.S. Federal Reserve’s reiteration of its dovish policy stance, APA reports citing CNBC.

The pan-European Stoxx 600 gained 0.3% in early trade, with oil and gas stocks jumping 1.8% after strong earnings from energy majors, while travel and leisure stocks slid 0.6%.

Shares in Asia-Pacific broadly advanced overnight as Hong Kong’s Hang Seng index continued to rebound sharply from a two-day slump earlier in the week.

U.S. stock futures are pointing to a flat open after the Fed left interest rates and asset purchases unchanged. Fed Chairman Jerome Powell cautioned in a press conference Wednesday that although the economy has made progress, it still has some way to go before the central bank would look to tighten its accommodative monetary policy stance.

Thursday’s European trading session will be guided by another bumper day for corporate earnings. Credit Suisse, Royal Dutch Shell, TotalEnergies, Volkswagen and Airbus are just some of the big names reporting results.

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