European Stocks Gain As Deutsche Bank, Nokia Rise

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European equities advanced Tuesday, on track for a second consecutive session of gains, as investors assessed a fresh round of corporate financial results.

The Stoxx Europe 600 XX:SXXP +0.43% rose 0.6% to 335.98, adding to Monday’s 0.2% rise. That prior-day gain was fronted by a 14% rally in AstraZeneca PLC UK:AZN -0.75% , after Pfizer Inc. PFE +4.20%  renewed its interest in a takeover of the drug maker. AstraZeneca shares on Tuesday eased by 1.2%.

But Deutsche Bank AG DE:DBK +2.91%  shares gained 1.3%, helping lift the Stoxx 600, after the banking-sector heavyweight’s first-quarter profit came in above analyst expectations. The move also supported a 1.2% climb in Germany’s DAX indexDX:DAX +0.50% . The best advancer on the German stock gauge was Infineon Technologjes AG DE:IFX +5.09%  , which rose 5.9% following the chipmaker’s better-than-expected second-quarter results.

Infineon also forecast revenue growth and margin “to be at least at the upper end” of previously set projections.

From the economic front, a GfK German consumer-confidence survey showed that though confidence remains high, higher tensions between Moscow and Kiev could weaken economic prospects for Europe’s largest economy.

Nokia Oyj FI:NOK1V +7.30%  shares pushed 6.2% higher as the mobile company said it will distribute more than 3 billion euros to investors, using a significant chunk of cash from the recent sale of its handset business to Microsoft Corp. MSFT +0.42%  . Also, the company’s first-quarter loss narrowed from the year-ago period.

On the downside, stock in ABB Ltd. CH:ABBN -6.86%  slumped 6% after first-quarter earnings and revenue at the power-and-technology company fell short of projections by analysts.

In London, government-services provider Serco Group PLC UK:SRP -19.66%  warned of a possible downward revision to its expectations, which was followed by an 18% slide in shares.

Also in the U.K., the FTSE 100 index UK:UKX +0.45%   rose 0.4% to 6,728.60. Data released Tuesday by the Office for National Statistics showed the U.K.’s gross domestic product grew by 0.8% in the first quarter, missing analysts’ and the Bank of England estimates.

In France, CAC 40 FR:PX1 -0.04%  slipped less than 1 point to 4,460.41.

Source: Market Watch

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