European Shares Hit Record High As Investors Cheer Earnings

(RTTNews) - European stocks struck a fresh record high on Thursday, as solid corporate earnings and easing concerns surrounding energy-driven inflation offset investor unease over the potential removal of Jensen Huang as Nvidia's chief executive.

The British pound was up against the dollar and euro after official data showed the U.K. economy expanded at a faster pace in the third quarter on household spending and investment.

Real GDP grew 0.7 percent on a quarterly basis, following an increase of 0.5 percent in the second quarter. On a yearly basis, GDP expanded 1.9 percent in the third quarter, matching expectations.

The pan-European STOXX 600 rose 0.4 percent to 665.79 after rising 0.7 percent to a record on Wednesday.

The German DAX rose a little over 1 percent, France's CAC 40 surged 0.8 percent and the U.K.'s FTSE 100 edged up 0.2 percent.

German insurer Allianz rose about 2 percent after reporting better-than-expected third-quarter earnings and lifting its full-year outlook.

Global reinsurer Munich Re advanced 1.7 percent after third-quarter results beat analyst expectations.

Drugmaker Merck KGaA gained 2 percent after raising its annual core profit guidance. Siemens soared 4.6 percent. The technology conglomerate raised its medium-term targets after reporting better-than-expected results in its fourth quarter.

Swiss insurer Zurich Insurance Group rose 1.3 percent on reporting a 7 percent rise in nine-month property and casualty gross written premiums.

Adecco shares skyrocketed nearly 15 percent. The staffing company beat third-quarter profit forecasts as permanent recruitment returned to growth.

Spanish telecoms giant Telefonica fell 2.3 percent after cutting its full-year revenue forecast.

Mining giant BHP fell 1.2 percent in London after appointing a former Macquarie banker as its finance chief.

Wizz Air Holdings dropped nearly 1 percent. The low-cost airline warned of higher cost after profit for the first half of this fiscal year fell by two-thirds.

Discount retailer B&M European Value Retail soared 17 percent after first-half sales, margins and profit beat forecasts.

BAE Systems declined 1.3 percent despite the defense firm raising its free cash flow projection for the second time this year.

Burberry Group shares rallied 8 percent. The luxury fashion house reported a 225 percent jump in first-half adjusted operating profit.