European Stocks Rise on Upbeat Earnings

By Investors Hub

Upbeat earnings news has helped European stocks inch higher on Tuesday, although overall gains remained muted ahead of key central bank policy decisions from the Federal Reserve and the Bank of England later this week.

The UK’s FTSE 100 Index and the French CAC 40 Index have edged up by 0.1 percent and 0.2 percent, respectively, while the German markets are closed for a public holiday.

BP shares have jumped after the British oil giant reported a 9.2 percent increase in third-quarter earnings and announced it would launch a share buyback.

Budget airline Ryanair Holdings has also rallied after the company maintained its full-year profit guidance after reporting an 11 percent increase in first-half profits.

Specialty chemicals firm Croda has climbed after a good performance across all three businesses in the third quarter.

Packaging company DS Smith has also advanced after it delivered first-half trading results in line with expectations. Plane maker Airbus has rallied after reaffirming its 2017 guidance.

On the other hand, shares of pumps specialist Weir Group have fallen more than 5 percent in London after a profit warning.

BNP Paribas has also come under pressure after the French lender posted lower trading revenues in the third quarter.

In economic news, the French economy expanded 0.5 percent sequentially in the third quarter, in line with expectations but slightly slower than the revised 0.6 percent expansion posted in the second quarter, official data showed.

A gauge of consumer spending increased in September after falling in the previous month, while consumer price inflation rose to 1.1 percent in October from 1 percent in September on higher food prices.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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