Investing.com – European stock markets rose on Tuesday, continuing the generally positive tone globally as investors digested a deluge of corporate earnings.
At 3:20 a.m. ET (07:20 GMT), the German index was trading up 0.5%, that in France 0.6%, while the British index was up 1.1%, returning from Monday’s holiday .
German industrial orders fell in March
Major Wall Street indexes closed sharply higher on Monday, most Asian stocks rose on Tuesday and Europe followed suit, amid optimism that a weaker-than-expected US on Friday could lead to a drop in American interest rates.
That said, gains in Europe were limited after German industrial orders fell 0.4% in March from the previous month, well short of the 0.4% rise expected, showing that growth in the eurozone’s largest economy remains hard to find.
Germany, the euro zone’s largest economy, returned to growth in the first quarter with a larger-than-expected 0.2% expansion, according to data released late last month, but figures for the fourth quarter were revised to show a deeper decline at the end of 2023.
are expected later in the session and are expected to show growth of 0.6% for the month of March, a rebound from the 0.5% decline seen the previous month.
UBS posts quarterly profit
There were more quarterly earnings to digest.
UBS (SIX:) shares rose 6% after the Swiss bank reported net profit for the first three months of the year that was almost triple estimates, as the bank posted its first quarterly profit since acquisition of its fallen rival, Credit Suisse.
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BP (NYSE:) stock rose just under 1% despite the energy giant reporting a decline in first-quarter profit, with results below expectations amid margins “considerably weaker” in fuels and lower gas and oil prices.
Infineon (OTC:) stock rose 6% after Germany’s largest semiconductor maker announced a cost-savings program as it lowered its revenue outlook for the entire company. year, accusing the persistent weakness of demand across the sector.
UniCredit SpA (BIT:) stock rose 3% after the Italian bank raised its forecast for 2024 as it reported better-than-expected profit for the first quarter of the year.
Deutsche Post (OTC:) shares fell 1% after the German logistics group reported a drop in profits in the first three months of the year, geopolitical tensions, inflation and interest rates. high interest rates continue to weigh on world trade.
Crude oil rises after Israeli strikes on Rafah
Crude prices rose on Tuesday after Israeli strikes on the southern Gaza town of Rafah raised doubts about a possible ceasefire in the region.
As of 3:20 a.m. ET, futures were trading 0.1% higher at $78.53 per barrel, while the contract was up 0.2% at $83.49 per barrel.
Palestinian militant group Hamas accepted a Gaza ceasefire proposal from mediators on Monday, but Israel said the conditions did not meet its demands while planning to continue negotiations on a deal.
The lack of settlement between the sides in the now seven-month-old conflict has supported oil prices as investors fear the regional escalation of war could disrupt supplies of Middle East crude.
That said, benchmarks last week posted the biggest weekly losses in three months as investors worried about the prospect of higher, longer interest rates dampening growth in the top consumer United States. world oil.
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Additionally, the price rose 0.2% to $2,326.55/ounce, while trading 0.1% lower at 1.0766.
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