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Europe edges higher as robust earnings offset U.S. stimulus doubts

Published 07/10/2020, 08:40
Updated 07/10/2020, 08:45
© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt
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(Reuters) - European stocks edged higher on Wednesday as upbeat earnings reports from UK's Tesco and Germany's Dialog Semiconductor helped offset uncertainties surrounding a fresh U.S. stimulus package.

The pan-European STOXX 600 index (STOXX) rose 0.2% by 0711 GMT.

Asian stocks and U.S. futures also recovered after sharp losses on Wall Street after U.S. President Donald Trump on Tuesday abruptly called off talks with Democratic lawmakers on coronavirus relief legislation until after the election.

Dialog Semiconductor (DE:DLGS) jumped 5.4% to the top of STOXX 600 after it forecast better-than-expected revenue in its third quarter.

Britain's biggest supermarket chain Tesco (L:TSCO) gained 3.6% as it reported a jump in sales and forecast full-year retail operating profit to be at least the same level as 2019-20.

© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

Swedish audiobook streaming group Storytel (ST:STORYb) was up 3.2% after it beat its third-quarter forecast for subscriber growth and streaming revenue.

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