Europe sea of green as bank results buoy index
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EUROPE SEA OF GREEN AS BANK RESULTS BUOY INDEX
Europe's STOXX 600 .STOXX is ticking 0.5% higher, supported by a raft of expectation-beating results, particularly from banks, and optimism around the outlook for interest rate cuts.
UBS UBSG.S shares are the top risers, up 7.7% and on track for the biggest daily jump since March 2023, after reporting Q1 net income well above estimates and posting its first profit since the Credit Suisse takeover.
Italy's Unicredit CRDI.MI is up 3.1% after profit topped forecasts.
Financial services .SXFP are the best-off sector, rising 2.2% and on track for their biggest daily jump in a year.
German online retailer Zalando ZALG.DE is another major gainer, up 6.4% after swinging to growth in Q1.
But German software developer TeamViewer TMV.DE is the biggest faller of the index, down 7.7% after posting first-quarter revenue slightly below market expectations.
In the UK, BP BP.L shares are down just 0.7% after the oil major announced a $1.75 billion share buyback but missed forecasts.
Fellow FTSE-listed oil giant Shell SHEL.L is up 1.4% after Reuters reported the company is in talks to sell its gas station business in Malaysia to Saudi Aramco.
Most sectors in Europe are trading in positive territory, apart from personal and household goods .SXQP - down 0.1% - and telecoms .SXKP which are flat.
(Lucy Raitano)
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