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Strong results from UBS, the automaker's PSA group and chip maker EMS EMX, propelled European equities Tuesday after three sessions of losses as the market took advantage of corporate earnings season
Some of the worst performing sectors of the year, cars and banks, have surged solid results.
The Stoxx 600 Europe Index ended the session up 0.9% to reach its highest level in more than a month. UBS was among the biggest winners, up 4.3% after the Swiss bank announced better than expected earnings.
UBS earnings propelled the European banking sector by 2.2%. Shares of Credit Suisse, France's UniCredit and Spain's BBVE rose from 2.2% to 3.6%.
PSA jumped nearly 15% after Peugeot shareholders reported strong earnings, The performance of its newly acquired Opel-Vauxhall unit. [19659003] Its gains gave a boost to the auto sector index, which was a major victim of US threats to impose higher tariffs on imported cars. The index climbed 2.6% to second place behind the core resource index, which jumped 4.8% due to higher metal prices.
AMMS jumped 13% before declining its earnings Will provide strong growth in the second half and will announce higher than expected earnings for the second quarter of the year.
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