By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets broke a two-day
losing streak on Tuesday. Heavyweights such as UBS AG, Novartis AG
and BP PLC, which all posted solid quarterly -earnings reports,
helped deliver a boost to region's markets.
The broad-based gains came after most European markets slumped
on Monday, as banks moved sharply lower, in the wake of 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 1% to close
at 328.25 on Tuesday, recovering from a 0.6% slide on Monday.
Germany's DAX 30 index rallied 1.9% to 9,068.19, as all
companies in the benchmark closed in positive territory.
France's CAC 40 index added 0.4% to 4,112.67, while the U.K.'s
FTSE 100 index rose 0.6% to 6,402.17.
Earnings: Shares of Novartis rose 1.8% after the Swiss drug
maker said third-quarter profit jumped 44%.
UBS (UBS) added 5.8% 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 1.6%, 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.
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