European Equities Extend Gains for Third Consecutive Session on Earnings Support

Deep News05-21 01:30

European stock markets advanced for a third straight day, buoyed by corporate earnings and easing inflation concerns. The benchmark Stoxx Europe 600 index closed 1.5% higher, marking its longest winning streak this month. Brent crude oil prices fell 5.5% to around $105 per barrel, alleviating some market worries over inflationary pressures.

In individual stock movements, ASML Holding NV surged 5.9% after analysts at UBS Group AG raised their price target for the company.

Robust corporate earnings have recently underpinned the European equity market. Data compiled by Bloomberg Intelligence shows that, based on reported results, first-quarter earnings for European companies grew by 7.5%, surpassing market expectations of 2.5%.

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