FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 30, 2020. REUTERS/Staff
(Reuters) – European shares were largely flat on Friday after encouraging earnings updates from Nokia, BNP Paribas and others countered concerns about a global economic recovery as coronavirus cases surged globally.
The pan-European STOXX 600 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 (NOKIA.HE) 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 (AAPL.O), Amazon (AMZN.O) and Facebook (FB.O), reported forecast-beating results overnight.
BNP Paribas (BNPP.PA) 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.
Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty