European shares rise on strong corporate earnings

European shares rose on Thursday on the back of strong corporate earnings from companies like Swiss engineering outfit ABB and Spanish lender Bankinter.Banking stocks were in demand, as sector followers digested an optimistic assessment by Bankinter of its lending income prospects following a strong first-quarter.

Greencoat Renewables advanced 2.8 per cent to 85.5 cents after. Data centres company Keppel DC Reit said it has signed a power purchase agreement with Greencoat Renewables.UK equities recovered for a second straight session supported by positive corporate updates, while the pound firmed against the dollar as traders lowered their expectations of any early rate cut by the Bank of England .The FTSE 250 midcap index snapped its five-day losing streak to gain 0.6 per cent, driven by a 30.

Deliveroo advanced 4.5 per cent after the meal deliverer returned to order growth in the first quarter.ABB jumped 6.3 per cent after reporting better-than-expected first-quarter profit and signalling faster growth in the coming months. Meanwhile, the European Central Bank made it clear that a June interest rate cut is coming but policymakers continued to differ on moves thereafter or how low interest rates can go before once again starting to stimulate the economy.

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