January 16, 2018 / 9:08 AM / 4 months ago

European stocks rise as corporate updates improve sentiment

LONDON, Jan 16 (Reuters) - European shares rose on Tuesday after corporate trading updates lifted sentiment, with shares in German fashion house Hugo Boss gaining on better-than-expected sales in the last quarter of 2017.

The pan-European STOXX 600 index was up 0.1 percent in early deals with most indexes and sectors across the continent trading in positive territory.

Germany’s DAX added 0.1 percent and Hugo Boss rose about 1.9 percent after it reported a rebound in growth at its own stores, a jump in online sales and a recovery in the United States.

Deutsche Bank, on the other hand, lost 1.2 percent after it was accused in a lawsuit of conspiring to rig a Canadian benchmark rate.

France’s CAC 40 rose 0.1 percent with French carmaker and Peugeot-brand owner Groupe PSA up 0.4 percent after reporting a 15.4 percent rise in worldwide sales for 2017.

French utility Engie also added 0.5 percent. The company said it hoped to improve earnings growth in its core businesses of renewable energy, grids and energy services this year. Core earnings rose an estimated five percent in 2017.

The FTSE 100 was up 0.15 percent as investors waited to see whether UK inflation slowed in December from the 3.1 percent it reached in November.

GKN rose about 1 percent as it faces continuing pressure from activist fund Elliott to engage with its would-be suitor Melrose. (Reporting by Julien Ponthus, editing by Larry King)

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