© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 22, 2022. REUTERS/Staff
(Reuters) – European stocks rose on Tuesday after a slew of better-than-expected earnings reports helped offset worries about fast rising interest rates and a slowing euro zone economy.
The pan-European index rose 0.5% by 0717 GMT, with media and technology stocks countering losses in chemical firms.
SAP gained 3.9% after the German business software maker reported faster-than-expected revenue growth for the third quarter, while Logitech (NASDAQ:) International rose 4.8% after the computer peripherals maker reaffirmed its full-year forecast.
UBS climbed 3.5% after the Swiss bank beat market expectations for quarterly profit due to a rise in new money inflows.
Among decliners, German chemicals maker Covestro fell 1.9% after it cut its 2022 earnings outlook for the third time this year, blaming high gas and raw material prices amid the deepening European energy crisis.
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