European shares rise on earnings support

European shares breathed a sigh of relief on Tuesday as earnings from companies such as UBS and Maersk boosted sentiment after a sell-off in shares in the previous session, driven by concerns about global growth.

The pan-European Stoxx 600 index rose 0.6 percent, after falling nearly 2 percent on Monday, on concerns about an economic slowdown in China and a rapid rise in US interest rates.

Mining and oil stocks were among the biggest gainers, after falling on Monday.

UBS shares rose 0.2 percent after reporting its best first-quarter net profit in 15 years.

The shares of Maersk Shipping Group jumped 5.8 percent after raising the company’s full-year forecast after the first-quarter operating profit came in higher than previous expectations, driven by higher container shipping rates.

HSBC shares fell 1.9 percent after Europe’s largest bank warned that more share buybacks were unlikely this year due to rising inflation and economic weakness, even as first-quarter earnings fell less than expected.