Europe open: Shares surge after Wall Street rally; UBS results please

by | Feb 1, 2022

European shares made a strong start at the opening on Tuesday following a rally in US tech stocks overnight.
The pan-European Stoxx 600 index was up 1% in early deals with all regional bourses higher.

Wall Street shares closed higher after Assistant Secretary for Economic Policy Ben Harris said US inflationary pressures should ease in 2022 due to weaker demand for goods, easing supply bottlenecks and a receding pandemic.

In the UK, industry data showed the housing market had its strongest start to the year for nearly two decades in January, as supply failed to keep up with “robust” demand.

According to the latest Nationwide House Price Index, annual house price growth rose to 11.2% in January, compared to 10.4% in December. The above-consensus rise was the highest since June 2021, and the strongest start to the year for 17 years. Analysts had been expecting growth closer to 10.9%.

In equity news, Swiss banking giant UBS rose to the top of the Stoxx with a 7% rise after posting its best annual profit since the global financial crisis of 2008, as it increased share buybacks and profit guidance.

HeidelbergCement shares were up after, better-than-expected rise in fourth-quarter sales and earnings prompted the German cement maker to release results ahead of schedule on Monday.

Automaker Stellantis advanced 2% after union sources said the company could cut up to 1,400 jobs in France this year.

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