European stocks traded mostly higher on Thursday as well-received earnings updates from the likes of KBC, Henkel, RWE and Swiss Life helped investors shrug off a slump in oil prices.
Both WTI and Brent crude futures cut early losses in European trade despite the International Energy Agency trimming its forecast for the rise in global oil demand next year.
Amid a relatively light day on the economic front, French data on harmonized and consumer inflation matched flash estimates.
Housebuilder stocks succumbed to selling pressure in London after the latest survey from the Royal Institution of Chartered Surveyors showed that house price growth in the United Kingdom slowed to a 39-month low in July following the Brexit vote.
The pan-European Stoxx Europe 600 index was up 0.3 percent in midday trading after declining 0.2 percent in the previous session.
The German DAX was rising 0.6 percent and France's CAC 40 index was moving up 0.7 percent while the U.K.'s FTSE 100 was down 0.3 percent.
TUI Group, Europe's largest tour operator, advanced 3 percent in Frankfurt after confirming its profit target this year.
Utility RWE rose over 2 percent after narrowing its second-quarter loss on the back of improved performance at its conventional power generation business.
Consumer group Henkel soared 5 percent after reporting better-than-expected second-quarter results.
GN Store Nord A/S, a Danish manufacturer of hearing instruments and audiological diagnostics equipments and headsets, soared 10 percent after posting strong second-quarter results.
Belgian financial services group KBC climbed 5 percent after announcing a 39.5 million euro second quarter net profit for its Irish arm.
Zurich Insurance gained over 4 percent on reporting a smaller-than-expected fall in second-quarter net profit.
Swiss Life rallied 3 percent on reporting an improved profit for the first half of the year despite a challenging market environment.
Oil company Tullow Oil dropped 1.5 percent, Statoil ASA slid about half a percent and Eni SpA shed half a percent as oil extended overnight losses on concerns over a glut in both crude and refined products.
U.K. housebuilders Taylor Wimpey, The Berkeley Group and Persimmon lost 2-3 percent.
Financial services firm Old Mutual plunged 6 percent on reporting an 11 percent decline in first-half IFRS pre-tax profit.
Dutch insurance firm Aegon dropped over 1 percent after it swung to a quarterly loss.
For comments and feedback contact: editorial@rttnews.com
Market Analysis