Strong earnings help stocks regain poise

Global stocks recovered some poise Thursday (October 29).

After dramatic falls in Europe and the U.S. the day before, Asian markets saw only modest declines.

Sentiment there was helped by a sense the region faces no imminent resurgence in health worries.

European markets then opened with gains of around half a percent.

Some positive earnings reports helped avert any fresh fall.

Volkswagen returned to profit in the third quarter, thanks to surging Chinese demand for luxury cars.

The German giant also benefited from cost cutting measures.

Together that drove it to an operating profit of almost 3.8 billion dollars.

Shares in VW rose around 2% early on.

Shell also on the up, gaining 3%.

That after it beat forecasts by a wide margin.

The oil major also signalled returning confidence with a pledge to increase its dividend payment to shareholders.

There was more mixed news for beleaguered aerospace giant Airbus.

Though it saw revenues and operating profits tumble, it also said it was on track to reach cash breakeven in the fourth quarter.

After initial gains, Airbus shares were down over 1% in early trade.

Credit Suisse definitely wasn’t in festive mood though.

Shares in the Swiss bank tumbled 5% after it said net profits dropped by 38%.

That as a surge in investment banking failed to offset a slide in income from wealth management.

Megabrewer AB InBev and pharmaceuticals giant Sanofi among other big names to beat forecasts Thursday.

But Nokia was the day’s big loser.

The telecom gear maker sank as much as 17% after cutting its full-year profit forecast.