European shares rebound; Daimler gains after results

European shares rebound; Daimler gains after results

London: European shares rose in early trade on Tuesday, reversing losses from the previous session, with banks gaining and carmakers strong as Daimler rose after doubling its profit outlook.

By 0706 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.7% at 1,095.05 points.

“Q1 earnings are coming through on balance better than expected with strong results from Daimler in Europe and Citigroup, and there is a bit of relief on Goldman Sachs," said Bernard McAlinden, investment strategist at NCB Stockbrokers.

Luxury carmaker Daimler rose 7%. The firm said it might earn twice as much as it previously forecast from its Mercedes-Benz passenger car business this year after lively demand for its flagship product in the first three months of the year.

Banks were among the biggest gainers, shaking off some of the previous session’s losses. Barclays, HSBC, Societe Generale , BNP Paribas and Deutsche Bank rose 0.5 to 1.6%.