Upbeat earnings lift European stocks

Posted on October 25, 2022Comments Off on Upbeat earnings lift European stocks

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 22, 2022. REUTERS/Staff

(Reuters) – 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 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.

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