European stocks surge amid upbeat earnings
On Tuesday, European stock markets edged up for the first time in four sessions, driven by another round of upbeat earnings data, including results from crude company BP PLC as well as telecom company Orange SA.
The Stoxx Europe 600 index soared 0.6%, trading at 348.72.
The optimistic trading day for the pan-European benchmark was backed up by another wave of upbeat earnings data across various countries and market niches. The number one gainer included in the Stoxx 600, UPM-Kymmene Oyj, pulp and paper maker demonstrated a 10% surged, when it decided to sell its Schwedt newsprint mill site. Furthermore, the company posted a 34% soar in adjusted operating profit.
BP managed to edge up 2.9% right after the crude giant posted underlying earnings ahead of previous predictions. In general, BP is on the way to rebalancing its cash flow.
Meanwhile, in France stocks of Orange acquired 2.2%, when the telecom giant reported its profit surged 3.5%, driven by a decent return to profit growth in Spain, to say nothing of higher sales to companies.