European shares gain on earnings optimism

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The pan-European STOXX 600 rose 0.6% at 0835 GMT, with technology and financial services stocks leading gains.

STMicroelectronics jumped 8.4% after the chipmaker reported bigger-than-expected fourth-quarter sales.

Spanish lender Sabadell gained 8.8% following the management’s upbeat commentary on 2024 net interest income despite a fall in fourth-quarter net profit.

Nokia rose 5.5% after the Finnish telecom equipment maker beat quarterly operating profit expectations and forecast higher 2023 sales.

Expectations that the eurozone economy will make a soft landing in 2023 have grown, thanks to China’s reopening and Europe’s ability to keep lights on through the winter, helped by warmer weather and ramped-up energy capacity.

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