European benchmarks rose sharply Tuesday after a volley of better-than-expected corporate earnings reports pushed index bellwethers higher across the continent.
Germany's DAX index led the charge with a 0.99% gain, quoted at 12,239, a little more than an hour off from the close. The CAC 40 index followed closely behind it, with a 0.80% gain, to 5,132.
In London, the FTSE 100 added 0.70% and was quoted at 7,422, while its mid-market sibling, the FTSE 250, was up 0.36% at 19,851. Over in Southern Europe, the IBEX in Madrid and the FTSE MIB in Milan posted gains of 0.19% and 0.90%, respectively.
In individual stocks, Rolls Royce (RYCEY) topped the FTSE 100 in London with a gain of nearly 10% after it reported a 12% increase in revenue for the first six months of the year, to £7.57 billion ($9.75 billion).
The engineering firm benefited from a 27% increase in large jet engine deliveries, which helped the firm swing from a £2.15 billion loss in the same period one year ago, to a profit of £1.94 billion in the six months to the end of June. Adjusted profits more than doubled to £287 million for the period.
Outsourcing firm Intertek (IKTSF) was up more than 9% after it too made a mockery of analyst forecasts for revenues and earnings in the first-half, before increasing its dividend by more than 20%, thanks to a stellar performance from its third-party product-testing division.
Auto insurer Direct Line (DIISF) and oil giant BP (BP) also both saw good gains during the session, of 5% and 4%, respectively, thanks to better-than-expected performances during the recent reporting period.
Over in Paris, stocks benefited from building momentum in the eurozone economy, with second-quarter GDP figures showing a pickup in growth during the recent period, which helps to boost stocks like BNP Paribas (BNPQY) , Vivendi (VIVHY) and Airbus (EADSY) just as the European reporting season gets underway.
In Frankfurt, shares of medical device maker, Fresenius (FMS) rose more than 2% to the top of the DAX Tuesday after it said its quarterly earnings rose 19%, to €450 million ($510 million), when compared with the same period one year ago, thanks to recent acquisitions.
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