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European stocks rise amid announcement of second-quarter results

2019-07-26 08:26 am | Resource: News | No Views : 37

 European stocks rise amid announcement of second-quarter results

Major European stock markets were traded early as investors took in the latest ECB signals and earnings reports published ahead of the opening bell. In the meantime, Destatis reported that German import prices in June fell on an annualized and monthly basis.

Audi's operating profit fell 17.8% to 2.3 billion euros in the first half

German automaker Audi AG said in a report on Friday it saw revenue fall 10.5 percent from 32.2 billion euros in the first six months of 2018 to 28.8 billion euros in the same period this year. The decrease is attributable to the cancellation of consolidation. Excluding this effect, revenues added 1.4% year-on-year, the statement said. Operating profit was € 2.3 billion, down 17.8% annually. Net cash flow reached € 2.3, compared with € 2.7 billion in the first half of 2018.

Sales fell 4.5% to 906,180 units, largely due to lower demand in Europe and the US, while sales in China hit a new record.

"As expected, 2019 is a real test.We are working in a very difficult market environment with many harmful factors and take consistent action against this trend through the Audi conversion plan," said Alexander Seitz, a board member of Audi. Our competitors - renew, the future viability of our business model and work hard on our competitiveness in the long run, and through a Udi strategy constantly friendly, we have set the roadmap to the future.

European Stocks Open
  • CAC was trading steadily in the first minutes after the opening bell.
  • While the DAX rose 0.18% at 9:18 CET on the back of Deutsche Telekom AG gaining 1.01%.
  • Meanwhile, the FTSE rose 0.18% at 9:15 am, driven by Pearson plc, which rose 7.84% at 9:05 am CET.

The euro lost 0.10% against the dollar to end at 1.1135 at 9:16 CET, while the British pound lost 0.22% compared to the US dollar for sale against 1.2428 at the same time.

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