European stocks rose slightly on Thursday as investors scrutinized separate earnings reports and a decline in U.S. markets weighed on global sentiment.
The pan-European Stoxx 600 index was up 0.53% by 10:05 a.m. London time, with most major exchanges and sectors trading in positive territory. Travel and leisure stocks rose 2.85%, with the only outlier being retail stocks, which fell 0.23%.
Shares in Renault rose more than 7% after the French carmaker reported an unexpected rise in third-quarter earnings on strong demand for its more expensive models. The stock was last up 6.3%.
Barclays shares also rose 4% after the British bank reported better-than-expected third-quarter results.
Meanwhile, Hermès rose 2.3%, but pared some gains after the French fashion house reported third-quarter sales growth, as demand for the company’s Birkin bags continued to outweigh a broader decline in luxury goods sales. Ta. The stock price has recently increased by 1.9%.
Positive momentum has returned after Wednesday’s decline in US markets. The Dow Jones Industrial Average closed for its biggest single-day decline since early September, falling more than 400 points, or 0.96%. The S&P 500 fell 0.92% and the Nasdaq Composite fell 1.6%. It was the third consecutive day of declines for the Dow and S&P 500.
The decline caused Asia-Pacific markets to drop almost overnight. U.S. stock futures, which track the S&P 500, were trading near a flat line.
— CNBC’s Lisa Kailai Han contributed to this market overview