Upbeat earnings lift European shares at open

  • Reuters
  • Stock Market News
Upbeat earnings lift European shares at open
Credit: © Reuters.

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July 23 (Reuters) - European shares rose on Tuesday, tracking rises on Wall Street and in Asia as better-than-expected results for Banco Santander (MC: SAN ) helped put Spanish markets .IBEX on course to end a four-session losing streak.

The latest rounds of corporate results, from oil bellwether Halliburton (NYSE: HAL ), Swiss bank UBS and Apple (NASDAQ: AAPL ) supplier AMS AMS.S , all sounded positive notes, and the pan-European stocks benchmark .STOXX rose 0.6% by 0711 GMT, adding to Monday's marginal gains.

Auto stocks .SXAP led gains among major sectors with parts maker Hella HLE.DE up 2.8% after a brokerage upgrade, while French peer Faurecia EPED.PA jumping 5.9% after it maintained first-half profitability.

London's internationally-focused FTSE index .FTSE took heart from another nudge lower in the pound ahead of the results of a Conservative leadership race which should see Boris Johnson annointed as the next prime minister.

Hopes that the European Central Bank will cut interest rates on Thursday by 10 basis points to boost economic growth also fed into the positive sentiment. Some expectations still remain that the bank may set the stage for a September cut.

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