By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — European stocks turned early losses into gains on Thursday, pushing higher amid a heavy schedule of earnings and led by gains for Danone and Pernod Ricard, though Credit Suisse weighed on the downside after a sharp fall in profit.
The Europe Stoxx 600 index (ST:SXXP 266.40, +0.27, +0.10%) gained 0.1% to 266.37 in morning trading.
The mining, food and beverage sectors were in the lead on Thursday.
In the banking sector, shares of Credit Suisse Group AG (CS 45.02, +0.57, +1.28%) (CH:CSGN 41.92, -1.42, -3.28%) fell 2.7% after the bank reported a 74% fall in profit as activity for its investment-banking unit slowed, disappointing investors.
In the food and drink sector, several key companies reported. In Paris, shares of Pernod Ricard SA (FR:RI 64.67, +3.11, +5.05%) rose 3.8% after it reported a gain in sales across the board.
Meanwhile, Danone SA (FR:BN 44.10, +1.62, +3.74%) rose 3.1% after the French dairy giant reported a rise in quarterly sales and confirmed its full-year targets.
Both stocks helped push the French CAC 40 index (FR:PX1 3,848, +20.21, +0.53%) up 0.4% to 3,841.75.
In Germany, the DAX 30 index (DX:DAX 6,553, +28.91, +0.44%) saw early support from Deutsche Post AG (DE:DPW 13.66, +0.24, +1.79%) and Deutsche Lufthansa AG (DE:LHA 15.14, +0.22, +1.48%) , each up nearly 2%.
In London, shares of British Airways (UK:BAY 289.40, +11.30, +4.06%) jumped nearly 4% on market hopes a long running and costly dispute between the company and unions may be coming to an end. The Financial Times reported the company will fully restore travel perks, though only after a delay, according to people familiar with the situation.
On the downside, shares of TUI Travel PLC (UK:TT. 214.20, -16.20, -7.03%) slumped over 6% after the group restated prior-year financial results, and Tullow Oil PLC (UK:TLW 1,214, -39.00, -3.11%) fell 3.4% after a disappointing exploration update.
Miners also rose across the board in London, with gold futures also higher. Shares of Anglo American PLC (UK:AAL 2,918, +46.50, +1.62%) rose 2%.
