Stocksak: Positive earnings lift European stocks

© Stocksak. FILE PHOTO – A graph showing the German share price index DAX can be seen at Frankfurt’s stock exchange on September 22, 2022. REUTERS/Staff

(Stocksak – European stocks rose Tuesday after a series of better-than-expected earnings reports offset concerns about rising interest rates and a slowing economy in the euro zone.

The pan-European Index rose 0.5% at 0717 GMT. Media and technology stocks outweighed losses in chemical firms.

SAP gained 3.9% following a faster-than-expected revenue growth in the third quarter. Logitech (NASDAQ) International rose 4.8% following a confirmation of its full-year outlook by the computer peripherals manufacturer.

UBS gained 3.5% after UBS beat market expectations for quarterly profits due to an increase in new money inflows.

Covestro, a German chemical maker, fell 1.9% following a third consecutive cut in its 2022 earnings outlook. The company blamed high raw material and gas prices for the European energy crisis.

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