July 17, 2020 / 7:32 AM / 22 days ago

Swedish earnings, Daimler support European stocks ahead of EU summit

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July 17 (Reuters) - European shares edged higher on Friday as focus turned to Brussels where European Union leaders are expected to hammer out details of a 750-billion-euro recovery fund, with positive earnings updates from Ericsson, Daimler and other firms also supporting gains.

The pan-European STOXX 600 index rose 0.2% by 0714 GMT, with automakers jumping 1.8% after Daimler AG said it expects to post a smaller-than-expected operating loss in the second quarter.

Sweden’s main stock index jumped 0.9%, with truck maker Volvo AB and telecom equipment maker Ericsson reporting better-than-expected core profits, while Swedbank AB reported a smaller-than-expected fall in net profit.

Euro zone stocks were up 0.1% after rallying in the recent months on hopes that an EU-wide fund to support the pandemic-stuck economies could lift the bloc out of recession.

Analysts believe markets could tolerate a few days’ or weeks’ delay with opposition from the Netherlands and the threat of a Hungarian veto weighing on chances of a deal. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

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