European stocks traded higher early Thursday amid a hectic session for corporate earnings in France but amid ongoing caution with respect to political and economic risks in the region.
France's CAC-40 was in focus with a 0.4% advance after a slew of bluechip earnings reports prior to the open, including oil major Total SA (TOT) and the country's second-biggest bank, Societe Generale SA (SCGLY)
SocGen shares were the second bigger gainer on the benchmark after it posted stronger-than-expected fourth quarter earnings and unveiled plans to spin-off its vehicle leasing unit.
Shares in the bank rose 1.8% to change hands at €43.46 each by 08:30 GMT, making it the second-biggest gainer on the CAC-40 benchmark. The stock has been significantly outpaced, however, but its European lending peers over the past three months, falling 5.5% against a 13.6% can for the Stoxx 600 Europe Banks index.
Total was 0.3% firmer in the opening 45 minutes of trading to change hands at €46.83 each after it revealed solid fourth quarter earnings and boosted its dividend.
Germany's DAX performance index added 0.47% in early dealing, although gains were limited by declines for Commerzbank (CRZBY) , which fell despite posting stronger-than-expected fourth quarter earnings Thursday and a modest improvement on its balance sheet even as low interest rates continue to hold down profitability.
The bank did not provide earnings guidance for 2017, however, but noted it plans to keep its cost base under control and increase the amount of provisions for bad loans as it balance sheet repair program continues. Loan loss provisions €900 million, the bank said, with €290 million coming in the final three months of the year.
