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(Reuters) – European stocks inched higher on Wednesday on expectations of a bumper earnings season following strong results from Deutsche Bank (DE:DBKGn), Lloyds Banking Group (LON:LLOY) and other lenders.
The pan-European STOXX 600 index rose 0.1% in early trading, with the region’s banking sector up 1.1%.
Deutsche Bank jumped 5.2% to the top of Germany’s blue-chip DAX as strength at its investment bank helped offset headwinds from restructuring and the pandemic.
Topping London’s FTSE 100, Lloyds Banking (NYSE:LYG) Group rose 4.2% after reporting a better-than-expected profit.
Sweden’s SEB and Spain’s Santander (MC:SAN) also inched higher after their quarterly results.
Weighing on the STOXX 600, Lysol maker Reckitt Benckiser Group fell 2% even as the company backed its full-year outlook.
Earnings at European companies in the first quarter of 2021 are expected to surge 71.3% from a year earlier, according to Refinitiv IBES data, up from last week’s forecast of a 61.2% jump.
