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Upbeat earnings results push European stocks to one-week peak

European stocks extended their recovery on Wednesday buoyed by tech sector, as solid earning reports brought some relief after a volatile start to the month.

Photo: Reuters

The pan-European STOXX 600 index rose 0.3 percent to 365.91. The benchmark index plumbed a 22-month trough last week when anxiety due to rising U.S. bond yields and geopolitical concerns hurt world shares.

Germany's DAX 30 index climbed 0.4 percent to 11,820.08 and France's CAC 40 index was up 0.3 percent at 5,187.13. The UK's FTSE 100 index gained 0.4 percent to 7,085.04 at the open.

Shares in ASML jumped 10 percent after the largest Europe's equipment supplier to computer chipmakers reported a solid rise in third-quarter earnings.

UK publisher Pearson and paints producer Akzo Nobel were among top performers, both up more than 4 percent, while drug maker giant Roche added 0.5 percent after a moderate sales rise in the third quarter.

Shares of Fresenius Medical Care slumped 15 percent after the German company cut its 2018 sales and profit targets, posting an 8 percent drop in third-quarter net income.

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