Upbeat earnings, banks lift European shares

By Reuters

European stocks rose on Tuesday after a string of upbeat earnings, while banking shares gained as government bond yields hit fresh highs in anticipation of quicker interest rate hikes by global central banks to tackle surging inflation. The pan-European STOXX 600 index climbed 0.5%, rebounding from a “flash crash” in the previous session caused by a single sell order trade by Citigroup Inc. Oil & gas jumped 4.1% to lead gains among European sectors, boosted by BP, which rose 5.8%, as a strong operational performance driven by high oil and gas prices helped the British energy company increase share buybacks.

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