SAP, LVMH earnings nudge European stocks higher By Reuters

(Reuters) – European stocks inched up on Wednesday, as upbeat earnings from German software firm SAP and French luxury goods maker LVMH (PA:LVMH) offset concerns about a potential setback to the continent’s COVID-19 vaccination programme.

The pan-European STOXX 600 index rose 0.1% by 0707 GMT, with technology and personal & household goods sectors among the top gainers.

SAP rose 2.6% after it nudged its outlook for 2021 revenue higher after reporting first-quarter results that showed gains in cloud sales.

LVMH gained 2.5% after sales bounced back far more quickly than expected in early 2021 as Chinese and U.S. shoppers made the most of an easing of COVID-19 restrictions.

Other luxury stocks including Kering (PA:PRTP), Richemont and Hermes added between 0.9% and 1.9%.

Britain’s biggest retailer Tesco (LON:TSCO) fell 3% after reporting a 20% drop in full-year pretax profit.

Meanwhile, U.S. drugmaker Johnson & Johnson (NYSE:JNJ) said it would delay rolling out its COVID-19 vaccine in Europe after U.S. health agencies recommended pausing its use following cases of rare blood clots.