European Shares Edge Higher Despite Weak Data

European stocks were seeing modest gains on Friday despite Snap Inc posting disappointing second-quarter results and the latest PMI survey data suggesting slowing growth in the Eurozone.

Elsewhere, U.K. retail sales fell less than expected in June. Social media group Twitter is due to release its quarterly update later in the day.

The pan European Stoxx 600 was up 0.6 percent at 426.83 after rising 0.4 percent on Thursday.

The German DAX gained 0.4 percent, France’s CAC 40 index rose half a percent and the U.K.’s FTSE 100 was up 0.3 percent.

Aluminum-maker Norsk Hydro surged almost 6 percent on share buyback news.

Danske Bank lost 2.5 percent. The Danish lender said it won’t pay 2021 dividends tied to second-quarter results, as discussions with authorities to end a money laundering scandal are still underway.

Schindler fell 5 percent after the Swiss elevator and escalator manufacturer cut its 2022 revenue guidance, citing China market contraction and COVID-related restrictions.

Delivery Hero SE shares jumped 12.8 percent. The German online delivery service reported higher Gross Merchandise Value and revenues in the second quarter.

British insurer Beazley jumped nearly 10 percent after raising its full-year profitability outlook.

Ceconomy shares plummeted 24 percent after the owner of retail chains Saturn and Media Markt slashed its outlook for full-year results.

MTU Aero Engines gained 2 percent. The engine maker has won contracts totaling almost $600 million at the Farnborough International Air Show.

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