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26 Apr 2022
European Stocks Rebound as Earnings Data Spell Investor Optimism
The Index Today
European stocks bounced back on Tuesday after earnings reports from shipping firm Maersk and Swiss bank UBS strengthened investor sentiment.
The pan-European STOXX 600 climbed by 0.6% by 4:41am ET after plummeting by 2% on Monday over fears of aggressive interest rate hikes in the U.S. and the economic slump in China due to the country’s present outbreak of COVID-19.
AJ Bells’ Financial Analyst Danni Hewson said, "Earnings will be a mixed bag as they will be sorely tested by price hikes in Europe, but investors are going to latch onto good news to sink their teeth into, because they expect the rest (of the earnings) to be volatile or really disappoint."
UBS edged higher by 1.8% after posting its best first quarterly earnings report in 15 years, while Maersk soared by 5.6% after increasing its full-year projection, helped by strong container freight rates, reported Reuters.
