Optimistic budgets lift European shares near record levels

Optimistic budgets lift European shares near record levels

European shares closed at their highest level in more than two months on Tuesday, ending trading just below record levels, as strong results from UBS, Reckitt Benckiser and other companies contributed to general optimism about the third-quarter balance sheet season.

Frankfurt Stock Exchange operators 6/24/2016 Reuters / staff / remote

Photo: Reuters

The pan-European Stoxx 600 index rose 0.8 percent to 475.74 points, its highest closing level since a record high of 475.83 points in August.

The financial services sector rose 0.9% as the world’s largest wealth manager, UBS, posted its highest quarterly profit since 2015, buoyed by strong trading activity.

Cleaning product maker Lysol Reckitt Benckiser jumped 5.8% and was among the loudest developments on Britain’s FTSE 100 index after raising its full-year forecast and beating third-quarter sales estimates.

The European travel and leisure sector was the best performer today, up 1.9% due to a 4.4% gain from hotel operator Whitbread.

In London, the FTSE rose 0.76% to 7,277.62 points.

In Frankfurt, the DAX rose 1.01% to 15,577.06 points.

In Paris, the CAC-40 index rose 0.80% to 6,766.51 points.

In Milan, the Ftse/Mib index rose 0.58% to 26,970.95 points.

In Madrid, the Ibex-35 index rose 0.90% to 901.60 points.

In Lisbon, the PSI20 index fell 0.39% to 5714.00 points.

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