European Stocks Jump on Strong Earnings
European stocks closed firmly higher on Tuesday, supported by strong corporate earnings and eased concerns of a trade war in North America.
The Eurozone’s STOXX 50 added 1% to close at 5,268 and the STOXX 600 advanced rose by 0.3% to 536. US President Trump delayed tariffs on Mexico and Canada to back hopes that trade restrictions against North American neighbors may be avoided altogether, but maintained softer tariffs against China.
Banks led the gains, with BNP Paribas and Intesa Sanpaolo gaining 4.2% and 3.2%, respectively, after unveiling their income statements and balance sheets for the fourth quarter.
These were enough to support other banks in the Eurozone, offsetting the earnings-induced 6.8% plunge for UBS. Also on the earnings front, Ferrari soared by 8.3% after reporting record-setting results for 2024 and Infineon surged 10.2% on strong results. In turn, the healthcare sector was in the red ahead of NovoNordisk and GSK results tomorrow and AstraZeneca results Thursday.
Source: Trading Economics