For the second day in a row, the European Stoxx 600 index closed on a high note on Tuesday thanks to many reports of company earnings that above expectations and countered worries that a quick increase in interest rates might impede the euro zone economy.
The European Stoxx 600 index increased 1.4% to settle at its highest level since September 20. Gains were driven by shares of the financial, technical, and real estate sectors.
After the Swiss bank beat estimates for quarterly profits thanks to strong fresh financial inflows, UBS shares rose 7.7%.
Following the German software company’s announcement that it will boost its third-quarter sales as quickly as possible, SABB’s share grew by 6.5%, and Logite International’s share increased by 12.5% following the computer manufacturer’s affirmation of its forecasts for the entire year.
Although a recent report stated that there may be a chance that the Federal Reserve (the US Central Bank) could halt the pace of interest rates, there is still a high likelihood that the European Central Bank will hike the interest rate for a second time in a row this week.
The closing price of European stocks is the highest in more than a month.
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