(Reuters) – Tuesday was a good day for European markets because a lot of companies reported profits that were better than expected. This helped ease worries about rising interest rates and a slowing economy in the euro zone.
At 7:17 GMT, the pan-European STOXX 600 index was up 0.5%. Chemical companies were down, but media and technology companies were up.
SAP rose 3.9% after reporting faster-than-expected third-quarter sales growth, while Logitech (NASDAQ: LOGI) International rose 4.8% after reiterating its full-year outlook.
UBS gained 3.5% as the Swiss bank’s quarterly profit was above market estimates due to an increase in fresh money inflows.
Covestro, a German chemical company, fell 1.9% after lowering its earnings forecast for 2022 for the third time this year, citing high costs for gas and raw materials as a result of the worsening European energy crisis.