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European stocks wobble as investors digest earnings reports

European stocks headed toward their strongest levels in more than two months in morning deals on Tuesday as investors assessed a stream of first-quarter corporate results.

Photo: Reuters

The Stoxx Europe 600 index edged up 0.2% to 384.02.

Frankfurt’s DAX 30 index leaped 0.5% to 12,531.98, while CAC 40 index in Paris picked up just 2 points to 5,440.56. The UK’s FTSE 100 gained 0.4% to 7,428.82.

In Germany Ifo economic institute's new business climate index dropped to 102.1 from 103.3 in March in another signal that Europe’s largest economy is losing steam.

Shares in BP and Shell rose 1.7% and 0.7%, respectively, supported by higher oil prices.

Shares of SAP SE surged 3.8% after company increased its sales outlook for the year following acquisition of Callidus Software Inc.

Volvo AB slumped 3.6% after company reported net profit for the period ended March 31 rose, but still missed market forecasts.

PSA Peugeot Citroen lost 1.2%, though company reported a 42 percent jump in first-quarter revenue.

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