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European Stocks Gain on Positive Earnings; Turkish Lira Rebounds

Posted by Chris Advincula on Jul 20, 2016 7:01:48 AM

(July 20 Bloomberg) Positive earning set the tone for equity markets while the dollar traded at a seven-week high as speculation grew the U.S. will raise interest rates this year.

Technology companies and carmakers led the Stoxx Europe 600 Index higher after earnings from software maker SAP SE and Volkswagen AG beat analysts' estimates. The dollar rose for a second day against the euro. The lira rebounded from near a record low as the country's president vowed to make an "important" announcement in the wake of a failed coup attempt. Gold headed for the lowest close this month.

Corporate earnings are helping sustain a run that's added more than $4.5 trillion to the value of equities worldwide in three weeks. That along with better-than-estimated U.S. economic data is providing comfort to investors even as concern mounts that the U.K.'s vote to leave the European Union will damp global growth. Morgan Stanley and Intel Corp. are among U.S. companies announcing results on Wednesday, after Microsoft Corp's sales and profit surpassed forecasts.

Click on the link below to see the full story from Bloomberg: (by James Regan and Lukanyo Mnyanda)

European Stocks Gain on Positive Earnings; Turkish Lira Rebounds



Topics: European Session, Stocks, Equities, Fundamentals


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