European stocks rise strongly; UBS reports quarterly profit By Investing.com

Investing.com – European stock markets climbed higher Tuesday, continuing the generally positive global tone as investors digest a deluge of corporate earnings.

At 03:20 ET (07:20 GMT), the in Germany traded 0.5% higher, the in France traded 0.6% higher, while the in the U.K. climbed 1.1%, returning from Monday’s holiday.

German industrial orders fell in March

The main indices on Wall closed sharply higher on Monday, most Asian stocks rose Tuesday and Europe has followed suit amid optimism Friday’s softer-than-expected U.S. would eventually lead to a decline in U.S. interest rates. 

That said, gains in Europe have been limited after German industrial orders fell in March by 0.4% on the previous month, considerably below the rise of 0.4% expected, showing that growth in the eurozone’s largest economy remains hard to find.

Germany, the eurozone’s largest economy, returned to growth in the first quarter with a bigger than expected 0.2% expansion, data showed at the end of last month, but fourth quarter numbers were revised to show a deeper dip at the end of 2023.

are due later in the session, and are expected to show growth of 0.6% on the month in March, a rebound from the drop of 0.5% seen the prior month.

UBS records a quarterly profit

There have been more quarterly earnings to digest.

UBS (SIX:) stock rose 6% after the Swiss lender reported net income for the first three months of the year that was nearly triple estimates as the bank logged its first quarterly profit since taking over fallen rival Credit Suisse.

BP (NYSE:) stock rose just under 1% despite the energy giant reporting a fall in first-quarter profit, with results below expectations amid a “significantly weaker” margin in fuels and lower gas and oil prices.

Infineon (OTC:) stock rose 6% after Germany’s largest semiconductor manufacturer announced a cost savings program as it lowered its full-year revenue outlook, blaming ongoing industry-wide weak demand.

UniCredit SpA (BIT:) stock rose 3% after the Italian bank lifted its 2024 guidance as it reported better than expected profit for the first quarter of the year.

Deutsche Post (OTC:) stock fell 1% after the German logistics group posted an earnings decline in the first three months of the year as geopolitical tensions, inflation and high interest rates continued to drag on global trade.

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