Nokia, BNP earnings prop European stocks as growth worries linger

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The pan-European STOXX 600 (STOXX) was on course to end the month flat-to-lower after weak economic data and concerns about the 2020 U.S. presidential election sent the index to a one-month low on Thursday.

Concerns about a resurgence in COVID-19 cases in Europe weighed, with Paris-listed shares (FCHI) edging lower even as data showed the French economy contracted by a smaller-than-expected rate in the second quarter.

Euro zone GDP numbers are due at 0900 GMT.

In earnings-driven moves, Finnish telecom network equipment maker Nokia (HE:NOKIA) surged 10.6% to the top of STOXX 600 as it reported an unexpected rise in its underlying profit.

Technology stocks (SX8P) were the top gainers, up 1.6% after Wall Street’s tech giants, Apple (O:AAPL), Amazon (O:AMZN) and Facebook (O:FB), reported forecast-beating results overnight.

BNP Paribas (PA:BNPP) rose 3.9% as it earned a higher-than-expected quarterly profit, boosted by a surge in fixed income trading and strong demand for corporate finance.

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