(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
* UBS gains after profit surge
* IMF lifts global growth forecast for 2021
* Unicredit up on talks of CEO change (Updates to market close)
By Sruthi Shankar
Jan 26 (Reuters) - European stocks rose on Tuesday as strong earnings from wealth manager UBS and auto parts maker Autoliv added to a string of upbeat corporate updates, while the International Monetary Fund raised its forecast for global growth in 2021.
UBS UBSG.S rose 2.4% as high levels of client activity helped the world's largest wealth manager record a 137% rise in net profit. broader financial services index .SXFP gained 1.8%, with Swedish buyout group EQT EQTAB.ST jumping 14.6% after it signed a deal to buy global real estate investment manager Exeter Property Group for $1.87 billion. STOXX 600 tumbled to a two-week low on Monday after data painted a gloomy picture of Europe's economy in January as many countries tighten curbs to combat new variants of the coronavirus.
"The numbers that are coming out show economic activity in Europe is falling back and underperforming other parts of the world," said David Miller, investment director at Quilter Cheviot.
"So far, investors are prepared to look through the current difficulties on the basis that second half will be better."
Supporting the sentiment, the International Monetary Fund raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn in 2020 would be nearly a full percentage point less severe than expected. FTSE MIB .FTMIB rose 1.2% after Prime Minister Giuseppe Conte handed in his resignation to the head of state, hoping he would be given an opportunity to put together a new coalition and rebuild his parliamentary majority. lost his absolute majority in the upper house Senate last week when a junior partner, the Italia Viva party quit in a row over the various issues.
Boosting Milan's bourse, UniCredit CRDI.MI jumped 4.5% after reports it set to appoint Andrea Orcel, one of Europe's best known investment bankers, as its new chief executive. Autoliv ALIVsdb.ST gained 5.3% after it reported higher than expected quarterly earnings, boosted by a recovery in car production. gas producer Linde LINI.DE rose 3.5% after announcing an increase to its quarterly dividend and a $5-billion share buyback programme. pharmaceutical company PharmaMar PHMR.MC surged 21.1% after peer review journal Science published a paper that confirmed its drug plitidepsin has a "potent preclinical efficacy" against the COVID-19.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.