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STOXX Rises as Corporate Earnings Boost Markets

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FxNews—On Thursday, the STOXX 50 rose by 0.4%, while the STOXX 600 increased by 0.3%, driven by attention on corporate earnings. Investors are also waiting for early PMIs from the Eurozone, Germany, and France, offering an initial look at this month’s private sector activity.

The 4-hour price chart below represents STOXX 50. As of this writing, the index is testing the middle line of the bearish channel as resistance. Meanwhile, the Awesome Oscillator histogram is green, approaching the signal line from below, meaning the price could rise.

From a technical perspective, the uptick momentum from 30.0 euros could extend to 33.0 euros if bulls (buyers) close and stabilize above the 31.6 euros resistance.

STOXX 50 4-Hour Price Chart

STOXX 50 4-Hour Price Chart

Renault and Barclays Shine After Strong Q3 Reports

Hermes shares surged by roughly 2.7% following a notable rise in their third-quarter sales. Other brands like LVMH (up 1.1%), Kering (up 1.3%), and L’Oreal (up 0.6%) also saw gains.

Renault experienced a significant uptick of 3.2% after the automaker reported a revenue increase for the third quarter and reaffirmed its financial forecast. Additionally, Barclays shares climbed 3% after surpassing profit expectations.

  • 2024-10-24
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