European markets ended the day up after a day of bumper earnings announcements.
In London, the FTSE 100 was up 0.39% today at 6,750.43.
In the U.K the economy grew faster than expected in the second quarter, preliminary data from the Office for National Statistics show. GDP grew by 0.6% in the three months to June, compared with 0.4% in the first quarter of 2016. Economists polled by Bloomberg were expecting a growth of 0.5%.
Glaxosmithkline (GSK) - Get Report gained 1.67% today after it announced strong organic growth during the second quarter on Wednesday as well as an eagerly anticipated boost to its bottom line, stemming from the depreciation of the pound.
Group revenue rose 4% at constant exchange rates to £6.5 billion ($8.5 billion), above estimates for £6.34 billion sales, as new product sales more than offset the effect of a declining Advair/Seretide asthma franchise, which accounts for more than a fifth of earnings and profit. Earnings per share rose 16% to 24.5 pence, compared with a consensus for 21 pence.
In Paris, the Cac 40 was up 1.05% at 4,438.97.
French consumer confidence fell in July, according to official data from Insee, France's statistic agency. The consumer confidence index fell 1 point. The fall was in line with expectations, however only 2% of respondents replied after the terrorist attacks in Nice on July 14.
Luxury goods house LVMH (LVMUY) gained 7.48% today after releasing first-half earnings yesterday after markets closed. The company said stronger demand for champagnes and cognacs offset falling tourism in France.
The company reported profit of €2.96 billion ($3.25 billion), which was in line with analysts' expectations of €2.92 billion. In the second-quarter sales rose by 4%, this was well ahead of the 2.9% expected by analysts.
The wines-and-spirits business saw revenues grow by 13% due to champagne sales in the U.S. and Europe and improved cognac sales in China. Sales in the fashion and leather goods division were up just 1%.
Peugeot (PUGOY) was up 9.25% in Paris. The carmaker today said its turnaround strategy was working helping it double profits in the first half of the year. First-half profits were €1.2 billion, compared with EUR571 million in the same time period last year.
Renault (RNLSY) gained 3.36%.
In Frankfurt, the Dax was up 0.62% at 10,311.32.
Volkswagen (VLKAY) gained 2.36%, after it announced it had delivered 2.93 million cars worldwide in the first half of the year. This is comparable to the 2.95 million delivered in the first half of 2015 before the diesel emission scandal broke. Sales were boosted by China. The carmaker releases its results tomorrow.
Daimler (DDAIY) shares were up 1.91% and BMW was up 2.06%.
Telecom Italia (TI) surged 7.79% today after posting the largest increase in domestic quarterly earnings in seven years today. CEO Flavio Cattaneo's said the push into lucrative broadband services and cost cutting have begun to pay off. Ebitda rose 25% to €2.01 billion in the second quarter.