European markets were higher Tuesday morning as investors reacted to falling oil prices and a host of corporate earnings.
The pan-European Stoxx 600 edged 0.6% higher in early trade, insurance stocks adding 2.1% to lead gains as most sectors and major bourses entered positive territory.
Global oil markets are focused on oil prices that continue to fall as the coronavirus has dented global demand for oil, sending prices tumbling.
Oil prices slid 12% during overnight trading, extending Monday's nearly 25% decline amid ongoing fears that storage around the world is rapidly filling.
Asia stocks have also been reacting to the oil price declines overnight with markets remaining flat.
The coronavirus pandemic remains the key news feature for markets. More than 3 million people are now reported to have been infected by the coronavirus around the world and over 210,800 have died, according to Johns Hopkins University. Follow our live updates on the pandemic here.
Earnings in focus
BP missed profit expectations to post a first-quarter underlying replacement cost profit, used as a proxy for net profit, of $800 million. That compared with $2.4 billion in the first quarter of 2019, reflecting a fall of 67%.
UBS reported Tuesday a 40% increase in profit for the first quarter of 2020 on the year before, with net profit attributable to shareholders coming in at $1.6 billion.
Santander, the euro zone's second-largest bank by market value, reported an 82% year-on-year decline in first-quarter net profit on the back of higher provisions for expected credit losses from the coronavirus outbreak.
Biggest movers
In terms of individual share price action, Lufthansa stock jumped more than 7.5% in early trade after reports that the German state had agreed to grant the airline a rescue package worth around 9 billion euros.
Games Workshop shares added 7% after estimating that its pre-tax profit for the year ending May 31 2020 would be no less than £70 million ($87 million).
At the other end of the European benchmark, German payment company Wirecard tumbled more than 16% after the release of a KPMG report into its accounting practices, which found no suspicious activity.
- Pippa Stevens, Eustance Huang and Yen Nee Lee contributed reporting to this story.
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April 28, 2020 at 03:28PM
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European stocks advance with earnings and oil prices in focus - CNBC
"oil" - Google News
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