EU STOCKS near six-year high

Stocks in Europe moved higher Tuesday, with the pan-European benchmark hanging at a six-year high in part as Germany’s ThyssenKrupp AG shares jumped on an improved earnings outlook.

The Stoxx Europe 600 index rose 0.3% to 342.01, and a close above the 342 level would be the first since January 2008. On Monday, stocks closed at a more than six-year high of 340.96.

ThyssenKrupp shares leapt 4.6% after the German industrial conglomerate raised its yearly earnings outlook. It now expects adjusted earnings before interest and taxes to almost double year-over-year from the previously reported 586 million euros ($372.9 million). The company also swung to a profit for the second quarter.

Also higher were shares of AstraZeneca PLC, by 0.9% after Pfizer Inc. hinted it may raise its bid for the British drug maker. 

The rise in AstraZeneca shares helped the U.K.’s FTSE 100 index pick up 0.3%.

Meanwhile, Germany’s DAX 30 index rose 0.8% and France’s CAC 40 index moved up 0.3%.

In Germany the Economic sentiment index showed downward moves from last December when it posted multi-year high at 62. And this time the market expected to see another decrease from 43.2 in April to 41.3. However, the data came out at depressing 33.1.

Airbus gained 5%. The French planemaker reported that first-quarter earnings before interest, tax and one-time items fell to 700 million euros in the first quarter, beating the 659-million euro average estimate of analysts. Sales rose 5% to 12.6 billion euros, also exceeding projections.

Pandora A/S jumped 7.8%, the highest price since its initial public offering in October 2010. The Danish jeweler said full-year sales will exceed 10.5 billion kroner ($194 million), up from its previous forecast of 10 billion kroner. First-quarter revenue surged 30% to 2.59 billion kroner, beating analysts’ predictions.

Telecom Italia slipped 2.3% after reporting that first-quarter sales fell 12% to 5.19 billion euros. That missed the average prediction of analysts calling for 5.23 billion euros. Net income dropped to 222 million euros from 364 million euros a year earlier.

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