(Bloomberg) -- European shares eked out gains on Tuesday as investors processed a flurry of second-quarter earnings reports that will pick up pace to become a deluge later this week.
The Stoxx Europe 600 Index ended the session 0.1% higher, extending a rebound into a second day with the technology and the travel and leisure sectors leading gains. Aside from results, investors were also tracking the latest US election developments.
Among individual movers, SAP SE rose 7.1% after the German software company reported a surge in cloud revenue growth spurred by demand for artificial intelligence. By contrast, shares in Porsche AG fell 5.1% after the carmaker lowered its full-year revenue forecast. France’s Edenred SE was the worst performer across the Stoxx 600, falling as much as 13% to the lowest since May 2020.
“We’re now entering the thick of the earnings season and that’s what will dominate trading this week,” said Andrea Tueni, head of sales trading at Saxo Banque France.
Among the burst of blue-chip earnings this week, investors will be closely watching French luxury behemoth LVMH and Alphabet in the US, Tueni said. Both companies report after the close Tuesday.
The European equities benchmark bounced back on Monday after experiencing its worst weekly decline since October. European stocks are set for gains in July after uncertainty linked to the French general elections and the resilience of the euro zone economy sent shares lower in June.
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--With assistance from Kit Rees.
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