By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets were on track to
break a two-day losing streak on Tuesday, with heavyweights such as
UBS AG, Novartis AG and BP PLC heading north after well-received
earnings reports.
The broad-based gains came after most markets slumped on Monday,
as banks moved sharply lower after stress-test results from the
European Central Bank and European Banking Authority. Read: Banks
shares catch a cold even after surviving health check
Market reaction: The Stoxx Europe 600 index climbed 0.7% to
327.44 on Tuesday, recovering from a 0.6% slide on Monday.
Germany's DAX 30 index rallied 1.3% to 9,023.64, as all
companies in the benchmark traded in positive territory.
France's CAC 40 index added 0.4% to 4,114.78, while the U.K.'s
FTSE 100 index rose 0.5% to 6,393.66.
Earnings: Shares of Novartis rose 2.4% after the Swiss drug
maker said third-quarter profit jumped 44%.
UBS (UBS) added 3.4% after the Swiss bank reported a rise in
third-quarter earnings, although it said it was hit by 1.8 billion
Swiss francs ($1.9 billion) in legal provisions.
BP (BP) rose 0.5%, after the energy major said it will raise
dividends for the third quarter to 10 cents, a 5.3% increase on the
year. The company also said Russia sanctions have had no material
impact on the company, although it has felt a squeeze from the
falling ruble.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires