European stocks rose on Tuesday as strong earnings updates from the likes of UBS and Reckitt Benckiser helped investors shrug off fresh worries about China’s property sector.
As inflation worries mount, investors looked ahead to a slew of central bank meetings in Europe, Japan and Canada this week for directional cues.
The pan European Stoxx 600 rose 0.6 percent to 474.86 after ending on a flat note the previous day. The German DAX gained about 1 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 were up around 0.6 percent each.
Swiss drug maker Novartis gained 1.2 percent. After reporting a rise in adjusted operating profit, the company said it has commenced a strategic review of the Sandoz Division.
UBS gained about 1 percent after the bank posted its best quarterly profit since 2015, helped by robust trading activity.
Computer peripherals maker Logitech International slumped 5.5 percent after it warned of supply-chain disruptions.
Lysol cleaning products maker Reckitt Benckiser Group soared 6 percent in London. The company raised its full-year forecast after delivering better-than-expected sales for the third quarter.
Essentra jumped 5 percent. After delivering third-quarter trading in line with expectations, the plastics foam products company said it is expecting to deliver fiscal 2021 adjusted operating profit in the range of analysts’ forecasts.
Whitbread gained nearly 3 percent. The pub, hotel and restaurant operator said it is seeing a strong rebound in demand and is better placed than most to deal with cost increases.
Petrofac shares plunged as much as 22 percent. The oil services firm booked a first-half loss and unveiled plans to tap shareholders in a 180 million-pound ($247.54 million) fundraising.
Orange Group shares tumbled 2.6 percent. The telecom operator reported a 0.4 percent decline in third-quarter revenues, primarily due to the lower level of co-financing of the Fiber network received in France.
Aerospace company Thales rose about 1 percent after reaffirming full-year financial forecasts.
Kion Group jumped 4.5 percent. The German manufacturer of materials handling equipment backed its FY21 view after a very strong nine-month period.
Business News
European Shares Advance With Focus On Earnings
2021-10-26 09:56:07
