Upbeat results from Deutsche Bank and Barclays lifted European shares as a raft of positive earnings overshadowed worries over the US banking sector's health
, as the Dove soap maker raised prices yet again to compensate for higher commodity and supply chain costs.
"European equities have seen earnings estimates reduced throughout the year, and this should set the bar to a beatable level," said Patrick Armstrong, chief investment officer at Plurimi Wealth. "We expect revenues will generally beat throughout this reporting season, and earnings estimates to be met. Margins may prove difficult to defend going forward, but it seems most companies have had a good record at passing rising prices on to consumers."
The STOXX 600 tracked gains of 1.4% this month, as corporate reports so far proved less dire than expected following a chaotic month driven by banking sector stresses in March. But uncertainty over interest rate hikes remain. Markets now await first-quarter euro zone GDP data due on Friday, expected to show how elevated energy prices and tighter banking standards have impacted the economy, ahead of the European Central Bank's May 4 policy meeting.
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