European shares beat expectations and opened brightly on Tuesday, despite persistent inflationary worries and no real economic data to drive sentiment.
The pan-European Stoxx 600 index was up by 0.67% in early deals with all regional bourses higher. Late losses on Wall Street, with further falls for Facebook owner Meta, dampened sentiment. Asia shares were mixed with Hong Kong’s Hang Seng down 1%.
In equity news, BP shares were higher as the oil and gas major recorded massive annual profits on the back of soaring commodity prices.
Holiday company TUI shares were down 3.3% despite an upbeat update that said summer travel bookings were hitting pre-COVID levels.
French care home company Orpea climbed 5% as investors picked up shares on the cheap after persistent sell-offs following allegations of malpractice in care homes.
Ocado shares plunged 8% after the British online supermarket disappointed in its earnings report before the bell, with core earnings weighed down by tech investment.
Housebuilder Bellway was also in the black as it reported a solid first-half trading performance and strong underlying demand.
