European equities advanced Tuesday, on track for a second consecutive session of gains, as investors assessed a fresh round of corporate financial results.
The FTSE 100 index rose 0.4% and the CAC 40 slipped less than 1 point.
Data released showed the German Consumer Confidence gauged by the Gfk Survey matching estimates at 8.5 for the month of May. In UK the Q1 GDP release confirmed the British economy is growing slower than expected at 0.8% q/q, and 3.1% y/y pace vs 0.9% q/q, and 3.2% y/y.
The Stoxx Europe 600 rose 0.6% to 335.98, adding to Monday’s 0.2% rise. That prior-day gain was fronted by a 14% rally in AstraZeneca PLC , after Pfizer Inc. renewed its interest in a takeover of the drug maker. AstraZeneca shares on Tuesday eased by 1.2%.
But Deutsche Bank AG shares gained 1.3% after the banking-sector heavyweight’s first-quarter profit came in above analyst expectations.
The best advancer on the German stock gauge was Infineon Technologjes AG, which rose 5.9% following the chipmaker’s better-than-expected second-quarter results.
Nokia Oyj shares pushed 6.2% higher as the mobile company said it will distribute more than 3 billion euros to investors. Also, the company’s first-quarter loss narrowed from the year-ago period.
On the downside, stock in ABB Ltd. slumped 6% after first-quarter earnings and revenue at the power-and-technology company fell short of projections by analysts.
In London, Serco Group PLC warned of a possible downward revision to its expectations, which was followed by an 18% slide in shares.
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