Upbeat earnings lift European stocks

European stocks rose on Tuesday after a slew of better-than-expected earnings reports helped offset worries about fast rising interest rates and a slowing euro zone economy.

The pan-European STOXX 600 index rose 0.5% by 0717 GMT, with media and technology stocks countering losses in chemical firms.

SAP gained 3.9% after the German business software maker reported faster-than-expected revenue growth for the third quarter, while Logitech International rose 4.8% after the computer peripherals maker reaffirmed its full-year forecast.

UBS climbed 3.5% after the Swiss bank beat market expectations for quarterly profit due to a rise in new money inflows.

Among decliners, German chemicals maker Covestro fell 1.9% after it cut its 2022 earnings outlook for the third time this year, blaming high gas and raw material prices amid the deepening European energy crisis.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button