On Tuesday, European stocks headed north with market participants focusing on profits for Credit Suisse AG stocks as well as some progress on the Greek debt crisis as they set aside gloomy disappointing economic data.
The Stoxx Europe 600 surged 1%, trading at 336.63, on course for a second advance following Monday’s 0.5% soar, with all sectors higher, led by stocks in basic materials, oil, financial and gas. Energy-related shared were supported by higher crude prices.
In the financial group, Credit Suisse AG stocks leapt 5.4% right after the bank reported a smaller-than-expected losses of 302 million Swiss francs. Additionally, the lender has been trying to restructure its investment banking business.
On Tuesday morning, European markets looked quite bubbly with signs of Greek headway countering the latest lackluster figures out of the EU.
On Monday, the Eurogroup of EU finance ministers appreciated overhauls on Greek pensions reforms as well as tax hikes, however there wasn’t any formal approval for the payment of more bailout.