RPT-Defensives, upbeat earnings lift European shares

  • Reuters
  • Stock Market News
RPT-Defensives, upbeat earnings lift European shares
Credit: © Reuters.

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May 12 (Reuters) - European shares edged higher on Tuesday following a clutch of upbeat quarterly earnings reports, but investors remained cautious of a resurgence in new coronavirus cases as hard-hit economies lift lockdowns.

The pan-European STOXX 600 index .STOXX rose 0.4% by 0726 GMT, with gains STILL led by telecoms .SXKP , healthcare .SXDP and utilities .SX6P - sectors that investors seek during times of economic uncertainty.

Boosting UK's FTSE 100 .FTSE , Vodafone 's shares VOD.L jumped 3.9% after the world's second-largest mobile operator met expectations with a 2.6% rise in full-year core earnings and maintained its full-year dividend payout. broadcaster ProSiebenSat.1 Media PSMGn.DE surged 10.2% to the top of STOXX 600 after U.S. private equity house KKR KKR.N revealed that it had acquired a stake of 5.2% in the struggling company. in Europe followed a risk-averse mood in Asian trading hours after the Chinese city of Wuhan, where the pandemic originated, reported its first new cases since its lockdown was lifted.

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