UPDATE 1-European stocks extend gains for sixth straight day

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(For a Businesshala live blog on the US, UK and European stock markets, click/ or type live/ in a news window)

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* STOXX 600 approaches record high

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* Europe Inc.’s profit expected to rise 60.4%

* Gaming firm Evolution Travel snaps shares down (analyst adds comment, updates prices)

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Nov 17 (Businesshala) – European stocks edged higher for a sixth consecutive session to trade near record highs on Wednesday, as some positive earnings reports helped ease worries that rising natural gas prices could be driven by inflation. Feeding under pressure.

The pan-European STOXX 600 rose 0.1% after better-than-expected US retail sales data lifted Wall Street equities on Tuesday.

European stocks posted small gains this week, as signs of strong earnings and economic momentum counteract concerns around a fresh COVID-19 surge in Europe and inflation.

Roland Kloyon, European equity strategist at Société Générale, said, “There are still question marks around key issues – the cost of energy and base metals, supply chain issues, China, wage hikes, Federal Reserve decisions – and how these affect European markets.” will affect.” ,

“But what we can say from this quarterly season is that the companies have been able to manage well so far.”

Profits for companies listed on the STOXX 600 are expected to rise 60.4% to 103.6 billion euros ($117.2 billion) in the third quarter from a year ago, the latest Refinitiv data showed, down from last week’s 60.7% estimate.

German medical tech firm Siemens Healthiniers gained 5.5% earlier this year after raising synergy targets from its Varian acquisition.

Swiss luxury firm Richmont extended its rally for the fifth day, reaching as high as 0.9% after the brokerage raised a price target.

However, European bulk gas rose about 5%, extending the increase in the previous session, after Germany temporarily halted the certification process for Nord Stream 2, a major new pipeline bringing Russian gas to Europe. Is. Rising gas prices have raised concerns about cost pressure building up across the continent. “The longer the lack of Russian flows into northwest Europe, the longer … gas markets will have to rely on higher gas prices,” Goldman Sachs said in a note.

Polish parcel locker firm Inpost posted a 13.1% drop after lowering its full-year outlook, citing slow growth of the e-commerce market.

Travel and leisure shares, pulled down by Swedish online gaming company Evolution, fell 1.2%. (Reporting by Anisha Sarkar in Bengaluru; Editing by Shinjini Ganguly)


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