On Tuesday European stocks climbed as InterContinental Hotels Group Plc and Deutsche Post AG posted increased earnings, helping reassure investors that the global recovery remains intact. U.S. futures and Asian shares advanced.
InterContinental Hotels surged 3% after reporting a 28% increase in first-quarter profit as travel recovered in the Americas. Deutsche Post increased 2% after the world’s biggest carrier of air and sea freight by volume reported first-quarter earnings before interest and taxes that exceeded estimates.
In the UK, gauges of house prices and retail sales climbed in April. The Royal Institution of Chartered Surveyors said its UK house-price gauge rose to its highest level in nine months in April as demand for homes stabilized. The British Retail Consortium said UK retail sales surged the most in five years last month as public holidays and the warmest April on record spurred spending.
European shares rose, with higher metals prices boosting heavyweight miners as strong Chinese trade data lifted optimism about the pace of economic recovery and lifted demand for raw materials. Banks were also higher after a report of financial aid for Greece eased some fears that a debt restructuring was imminent.
China’s exports increased 29.9% from a year earlier to $155.7 billion in April and the trade surplus jumped to $11.4 billion, according to government data released today.
The pan-European FTSEurofirst 300 index of top shares was up, rebounding from a 0.4% fall in the previous session.
Asian stocks rose as improving earnings among Japanese companies tempered concern that Europe’s sovereign debt crisis will hold back a global economic recovery. Japan’s Nikkei 225 Stock Average rose 0.3%. The benchmark index reversed losses after the Nikkei reported on its website that Toyota Motor Corp.’s output may return to normal sooner than expected.
This article was compiled by Valletta Fund Management Limited, a member of the BOV Group. Valletta Fund Management,
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