European shares gained for the fifth day on Tuesday, bolstered by bank and retai...
- European shares gained for the fifth day on Tuesday, bolstered by bank and retails stocks while data out of China added to hopes of stabilization in the world’s second-largest economy.
Also encouraging investors was a ZEW survey showing the mood among German investors improved in April, as the growth outlook for Europe’s largest economy brightened amid a resilient global economy and a delay to Britain’s departure from the EU. Big Wall street banks Goldman Sachs and Citigroup reported disappointing revenue estimates on Monday, sending their shares lower. Still, both lenders beat quarterly profit estimates.
Italy’s top bank, UniCredit SpA, gained after it and two subsidiaries agreed to pay $1.3 billion to U.S. authorities to settle investigations of violations of U.S. sanctions on Iran and other countries. Italian utility Ascopiave rose after A2A and other utilities made a joint non-binding bid for its assets.
Oil stocks including BP, Total and Royal Dutch Shell were the biggest weights on the STOXX 600, tracking declining crude prices.
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