Europe before the bell: HSBC beat and more earnings
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EUROPE BEFORE THE BELL: HSBC BEAT AND MORE EARNINGS
European shares were set to rise at the open on Tuesday, with Big Tech earnings starting from Alphabet parent Google GOOGL.O later in the day taking centre stage, just one week before U.S. voters decide on their next president.
EuroSTOXX50 and FTSE futures rose 0.4 and 0.3% respectively, and S&P 500 contracts edged up 0.1%. In Asia, stocks were mixed and the dollar drifted not far from three-month highs.
It was a heavy earnings day in Europe too, especially for banks.
Heavyweight HSBC HSBA.L turned in a better-than-expected profit for Q3 on rising wealth and wholesale banking revenue, sending its Hong Kong shares up 3.7% to their highest since August 2018.
In Spain, Santander SAN.MC said Q3 net profit rose 12% thanks to its retail business' solid performance.
Adidas ADSGn.DE saw strong underlying growth in Greater China in Q3, while sales in North America excluding the Yeezy collection were up on the year on increasing brand momentum.
Elsewhere, BP BP.L reported higher-than-expected Q3 profits of $2.3 billion. Yet this was the company's lowest in almost four years, weighed down by a drop in refining profits and weaker oil trading.
An improved performance at its chemicalsunit helped Austrian oil and gas group OMV OMVV.VI report a slightly better-than-expected Q3 adjusted operating profit.
Novartis NOVN.S raised its 2024 earnings guidance again, driven by wider use of its prescription drugs such as psoriasis and arthritis drug Cosentyx. Its shares rose 1.6% pre-market.
Lufthansa LHAG.DE reported a fall in Q3 operating profit, as its flagship brand struggles with low yields, competition with international airlines and spiralling costs. Its shares fell over 3% pre-market.
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