(Reuters) – European stocks rose on Tuesday, aided by positive earnings update from oil giant BP and signs of fresh stimulus for China’s battered financial markets.
The pan-European STOXX 600 index added 0.5% by 0809 GMT, following a 1.3% jump in Asian stocks after China’s state fund stepped up efforts to stabilise the declining market.
London-listed BP climbed 5.3%, after reporting fourth-quarter earnings of $3 billion, exceeding forecasts, and accelerating the pace of its share repurchases.
Europe’s oil & gas index rose 1.7% to lead sectoral gains.
UBS dropped 2.7% after the Swiss bank said it had completed the first phase of integrating fallen rival Credit Suisse following fourth-quarter results.
Weighing on the German DAX, Infineon slipped 1.9% after the chip manufacturer trimmed its full-year revenue guidance as industry-wide weak demand dented its first-quarter revenue.
MorphoSys AG soared 15.4%, extending a 36% jump on Monday when Novartis AG said it would buy the cancer treatment developer for 2.7 billion euros ($2.9 billion).
(Reporting by Sruthi Shankar in Bengaluru; Editing by Dhanya Ann Thoppil)
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