European shares buoyed by upbeat earnings, Henkel hits record

European shares rose on Thursday, rebounding from a drop in the previous session, helped by well-received corporate updates from the likes of Belgium's KBC and Germany's Henkel.

The pan-European STOXX 600 rose 0.2% after snapping a five-session winning streak in the previous session. The British FTSE 100 was the major underperformer, down 0.4% as stocks such as Shell and Rio Tinto traded ex-dividend, trimming 37 points off the index.

Belgian financial group KBC rose 5%, the top gainer on the index. It posted a year-on-year rise in net profit in the second quarter as loan and deposit volumes grew in most of its core markets and it kept costs low.

 

Germany's Henkel also rose after results, and was up 3.4% to a record high. The consumer group lifted its guidance for its core profit margin after results came in ahead of expectations.

Also in Germany, shares of SAP and Adidas climbed to record highs.

With 80% of companies having reported results on the STOXX 600, 60% have beaten or met expectations.