Stockmarket

Upbeat earnings pull European stocks higher; Reckitt gains on forecast lift



© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 22, 2021. REUTERS/Staff

(Reuters) – European stocks inched toward record levels on Tuesday as strong results from UBS, Reckitt Benckiser and others added to overall optimism about the third-quarter earnings season.

The pan-European rose 0.2% as of 0714 GMT after Asian shares edged higher, drawing comfort from fresh record highs for Wall Street indexes.

The financial services sector rose about 1% as the world’s largest wealth manager, UBS, gained 2.4% after posting its best quarterly profit since 2015, helped by robust trading activity.

Helping UK’s , Lysol cleaning products maker Reckitt Benckiser Group jumped 5.8% after it raised its full-year forecast and beat estimates for third-quarter sales.

Swiss drugmaker Novartis rose 0.8% after reporting a rise in adjusted operating profit and forecasting higher peak sales for its two best-selling pharmaceuticals.

Among decliners, computer peripherals maker Logitech International fell 3.1% after it confirmed full-year earnings outlook and warned of supply-chain disruptions.

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