European Shares Rebound on Gains in Chemical

Gains in financial services and chemical sectors helped European stocks rise on Tuesday after two straight sessions of declines, with Swiss wealth manager UBS jumping after posting a surge in quarterly net profit.

The panEuropean STOXX 600 index rose 0.8, with the German DAX gaining 1.5, Frances CAC 40 up 1.1 and UKs FTSE 100 adding 0.7.

Chemical stocks gained the most among sectors as industrial gas producer Linde rose 3.7 after announcing an increase to its quarterly dividend and a 5billion share buyback programme.

UBS gained 2.5 as high levels of client activity helped the worlds largest wealth manager record a 137 rise in net profit.

The broader financial services index was up 1.7. Swedish buyout group EQT jumped 11.7 after it signed a deal to buy global real estate investment manager Exeter Property Group for 1.87 billion.

The STOXX 600 tumbled to a twoweek low on Monday after data painted a gloomy picture of the European economy in January as many countries tighten curbs to combat new variants of the coronavirus.

The numbers that are coming out show economic activity in Europe is falling back and underperforming other parts of the world, said David Miller, investment director at Quilter Cheviot.

So far, investors are prepared to look through the current difficulties on the basis that second half will be better.

Italys FTSE MIB rose 0.8 with Prime Minister Giuseppe Conte set to resign later in the day on hopes President Sergio Mattarella will give him a…

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News