The pan-European STOXX 600 index rose 0.5% by 0717 GMT, with the media and technology sectors offsetting losses in chemical shares.
SAP shares rose 3.9 percent after the German corporate software giant reported faster-than-expected revenue growth for the third quarter, while Logitech International rose 4.8 percent after the computer maker reaffirmed its full-year forecast.
Among the big companies that reported quarterly earnings Tuesday were HSBC, UBS, Novartis, Randstad and Air Liquide.
UBS shares rose 3.5 percent after the Swiss bank’s quarterly profit exceeded market expectations, boosted by increased new financial inflows.
On Tuesday, UBS reported net income of $1.7 billion for the third quarter of this year, which came in slightly above analysts’ expectations of $1.64 billion, according to Refinitiv data.
The bank had recorded a net income of $2.3 billion in the third quarter of the previous year.
Among the companies that recorded losses, German Covestro Chemical, whose shares fell 1.9 percent after it cut its profit forecast for 2022 for the third time this year, blaming high gas and raw materials prices amid the deepening European energy crisis.
Stocks in Europe closed higher in Monday’s session after it was announced that Rishi Sunak would replace Liz Terrace as Prime Minister of the United Kingdom.
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