Robust earnings spur European stocks higher

martes 28 de octubre de 2014 08:27 GYT

* FTSEurofirst 300 up 1 pct

* UBS, Novartis among heavyweight risers after results

* So far, two-third of companies meet/beat forecasts

* Sanofi share drop means over $10 bln market value wipeout (Adds detail, quotes, updates prices)

By Alistair Smout

EDINBURGH, Oct 28 (Reuters) - European shares rose in early trade on Tuesday, reversing the previous session's dip as better-than-expected results from a number of blue-chips including pharma group Novartis and bank UBS helped lift sentiment.

While French pharma Sanofi and UK-listed Standard Chartered Bank slumped after reported results that missed expectations, generally stronger corporate reports helped the pan-European FTSEurofirst 300 rise 1 percent to 1,317.99 by 1214 GMT.

UBS was the top gainer, up 5.3 percent after the bank beat forecasts with a 32 percent rise in net profit from a year earlier, even after a charge of 1.8 billion Swiss francs ($1.9 billion) as it discusses a settlement to an investigation into rigged foreign exchange rates.

Swiss pharma Novartis gained 2.5 percent after reporting better-than-expected results, while Dutch telecoms group KPN rose 2.9 percent after posting forecast-beating results as the pace of revenue decline at its consumer mobile and business units slowed.   Continuación...