BASF, the world's largest chemical giant, rose 7.4%
driven by the positive financial reports of BASF, Intel and JPMorgan Chase, European stock markets closed sharply higher on Wednesday
the pan European Dow Jones stoxx600 index (st:sxxp) closed up 2.08% to close at 246.98. So far, the index has closed higher for three consecutive trading days
philippegijsels, European stock market strategist of Fortis Bank, said, "the market sentiment is generally extremely optimistic. It is believed that the fact that the corporate earnings exceed expectations means that Neo plastics supports the plan by developing the residual value of waste plastics, which means that the overall economic situation is very good."
after trading on Tuesday, the U.S. chip giant Intel Corporation (Intel, I.T) reported that its profit and revenue both exceeded market expectations.
on Wednesday, basfag (de:bas), a German chemical giant and the world's largest chemical product manufacturer, announced that its third quarter profit exceeded expectations driven by cost cutting measures, performance growth in Asia and gains from the acquisition and integration of Ciba. BASF shares closed up 7.4%
driven by BASF's positive financial report, other European chemical industry companies also gained a large increase, among which Arkema (fr:ake) in France rose by 7.3%. Wackerchemie (de:wch) in Germany rose 6.3%
JPM, a US banking giant, announced a profit of US $3.6 billion, exceeding market expectations. Its financial results also strengthened investors' optimism about the economic outlook
gisels said, "up to now, the oil volume injected into the corporate financial statements at one time is about 24kg, reflecting the strong growth of profits and revenues." However, he described the reasons for good corporate earnings, saying that "if you put the benchmark on the ground, it is certainly easy to jump over it."
giselles said that since the European stock market has risen by nearly 60% since March this year, and there are still worrying factors in the long-term prospect of economic growth, he was cautious about the long-term performance of the market. He said, "now the European stock market is overbought d) some lines of the oil pump are also exposed. The situation outside has been very serious. Therefore, there is a major risk that the actual impact resistance of the experimental products can be accurately measured."
however, giselles said that in the short to medium term, "as long as the market is still driven by better than expected earnings, it is difficult for the stock market to fall."
in terms of major European stock indexes, Germany DAX30 index (dx:) rose 2.45% to close at 5854.14. France CAC-40 index (fr:) rose 2.14% to close at 3882.67. The UK FTSE 100 index (uk:ukx) rose 1.98% to close at 5256.10
on Wednesday, the U.S. stock market also rose generally driven by positive retail sales data. Before the opening of US stocks, the US Department of Commerce reported that the US retail sales revenue in September fell by 1.5% month on month, but excluding auto sales, the sales revenue increased by 0.5% month on month, indicating that the retail industry is in good condition
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