Dipo Olowookere
By Investors Hub
European stocks have moved notably higher on Tuesday, with a slew of upbeat earnings reports and expectations of policy easing by major central banks helping underpin investor sentiment.
While the German DAX Index has surged up by 1.7 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.1 percent.
The British pound has drifted lower ahead of the expected announcement of Boris Johnson as the next prime minister.
Ahead of Thursday’s ECB meeting, a quarterly survey showed that euro area banks unexpectedly tightened the conditions business firms should meet to get loans during the second quarter, due to an uncertain economic outlook.
In stock-specific action, Continental AG has jumped after the German automotive manufacturing company reported preliminary second quarter results in line with estimates despite a further downturn in the market environment.
French automotive supplier Faurecia has also soared as it maintained first-half profitability despite a China-led decline in auto production and the loss of seating contracts.
Daimler shares have also moved to the upside after China’s BAIC bought a five percent stake in the German luxury carmaker.
Austrian chipmaker AMS has risen after forecasting a strong third quarter. Infineon and STMicroelectronics have also advanced.
UBS shares have jumped after the Swiss banking giant report a second-quarter net profit of $1.39 billion, the highest second-quarter net profit since 2010.
On the other hand, Dürr Group, a global mechanical and plant engineering firm, has slumped after lowering its full-year guidance.
