(Reuters) – European stocks rose on Wednesday as a batch of positive reports on profits and the massive amounts of monetary stimulus flowing through the financial system once again overshadowed concerns over the high number of Corona virus cases in Europe and the United States.
The pan-European STOXX 600 index rose 0.7 percent by 0711 GMT, and the oil and gas index led the gains after BP extended its gains for the second day.
However, BMW shares fell 3 percent, as general isolation measures prompted the car company to incur an operating loss in the second quarter, with delivery of luxury cars falling 25 percent during this period.
Investors largely ignored the decline in profits of European companies, expecting the trillions of dollars pumped by central banks worldwide into the financial system stock markets until the recovery takes hold.
Refinitiv data indicate that the companies listed on Stokes 600 are expected to announce a decline of 67.5 percent in the second quarter earnings, down from expectations for a decrease of 58.3 percent in the previous week.