European shares extended gains for a fifth straight session on Tuesday, underpinned by miners and defensive sectors, although concerns over a potential recession limited further upside in the indexes.

The continent-wide STOXX 600 index rose 0.2% by 0712 GMT, hitting a fresh 10-week high after recouping much of its June losses.

Miners jumped 1.1% to lead morning gains, boosted by strong results from London-listed global miner BHP Group which rose 4%.

Telecoms and utilities – sectors seen as safer bets during economic uncertainty – also rose.

Sonova Plunged 12.5% ​​after the hearing aid maker lowered its full-year earnings forecast, citing a slower-than-expected growth in some important markets and higher component and freight costs.

Pandora fell 5% after the Danish jewelry maker reported second-quarter sales in line with expectations and reaffirmed its annual forecast, despite disappointing sales in the United States and China,

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips)

,

Source link

By Dipak

Leave a Reply

Your email address will not be published.