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European stocks inch higher as UBS profit surges

Published 26/01/2021, 09:18
Updated 26/01/2021, 09:24
© Reuters.

© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Jan 26 (Reuters) - European shares inched higher on Tuesday
after two sessions of declines, as Swiss wealth manager UBS
posted a surge in quarterly net profit, but gains were capped by
concerns about extended lockdowns and U.S. stimulus measures.
The pan-European STOXX 600 index .STOXX rose 0.2% by 0808
GMT, after closing at more than two-week low in the previous
session.
UBS UBSG.S gained 3.3% as high levels of client activity
helped the world's largest wealth manager record a 137% rise in
net profit. The financial services index .SXFP was up 1%, with Swedish
buyout group EQT EQTAB.ST jumping 9.7% after it signed a deal
to buy global real estate investment manager Exeter Property
Group for $1.87 billion. Italy's FTSE MIB .FTMIB hovered near a one-month low, with
Prime Minister Giuseppe Conte set to resign later on Tuesday on
hopes President Sergio Mattarella will give him a mandate to
form a new government with broader backing in parliament.
Swiss drugmaker Novartis NOVN.S fell 3.2% after its
fourth-quarter sales and profit rose less than analysts
expected.

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