Overseas Trading: Earnings Lift European Stocks Ahead of ECB Meeting

Strong earnings reports have European markets in the black

by Josh Selway

Published on Jul 20, 2016 at 8:41 AM
Updated on Jul 20, 2016 at 8:46 AM

A strengthening U.S. dollar put pressure on stocks in Asia, though Hong Kong's Hang Seng outperformed. Specifically, the index grabbed a 1% win, storming past China's Shanghai Composite, which fell 0.3%. Japan's Nikkei also lost 0.3%, with Nintendo's "Pokemon Go" rally finally losing steam on news the game's Japanese release was delayed. In South Korea, meanwhile, the Kospi edged 0.1% lower. 

On the other hand, stocks in Europe are moving higher, thanks to a strong round of earnings. Tech firm SAP, for example, is rallying on better-than-expected quarterly results, while automaker Volkswagen is roughly 6% higher, after talking up its operating performance for the first half of the year. Mining stocks, in contrast, underperformed once again

Meanwhile, unemployment in the U.K. fell to 4.9% from March to May, the lowest reading in over a decade. Wages also increased for the period. This all comes ahead of the European Central Bank's (ECB) policy-setting meeting on Thursday. Germany's DAX was leading the way at last check, up 1.2%, with France's CAC 40 up 0.8%, and London's FTSE 100 just above breakeven. 

Overseas Trading July 20

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox. 

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Planet Fitness Stock Lifted Amid Re-Opening Optimism
Planet Fitness reopened around 800 facilities in North America
Coffee Stock Drops Despite Cost-Cutting Initiatives
Starbucks asked employees to further limit working hours or take unpaid leave
The Big Bankruptcy You Should Be Afraid Of
Porter Stansberry is making a concerning prediction.