European shares rebound as UPM, BP results beat forecasts
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* Pan-European FTSEurofirst 300 gains 5 pct
* UPM, BP up on better-than-expected results
* Cobham slumps after rights issue announcement
By Atul Prakash
LONDON, April 26 (Reuters) - Encouraging company results and firmer oil prices helped European equities to rebound on Tuesday, with pulp and paper maker UPM and oil major BP climbing higher after their better-than-expected reports.
UPM surged 10 percent, the biggest gain in the pan-European FTSEurofirst 300, after reporting a 34 percent rise in adjusted operating profit in the first quarter.
"European equity markets are trading moderately higher on positive corporate earnings surprises from several companies," said Markus Huber, a trader at City of London Markets.
In addition, markets see no chance the Federal Reserve will raise U.S. interest rates when it meets tomorrow and Thursday. They see only one chance in five it will move at the next meeting, on June 14-15. Continuación...