European Markets Rebound; Grocer Sainsbury Declines as it Swings Into the Red

Better than expected purchasing managers’ indices from Markit Economics and a slew of strong, or at least reasonable, corporate earnings help European indices recover from yesterday’s selloff. One company that bucked the overall positive trend was U.K. grocer J Sainsbury plc, which posted its first full-year loss in almost a decade and reporting falling same-store sales. In Brussels Budweiser maker Anheuser-Busch InBev SA gently fizzed after delivering above-forecast first-quarter revenue growth and reporting healthy Asia Pacific growth. And in France, two leading banks, Societe Generale SA and Credit Agricole SA, both beat first-quarter earnings expectations though their share movements diverged.