European Shares Rise After Falling in January

European shares rose on Tuesday, tracking US stocks after upbeat comments from the US Treasury’s chief economist calmed some concerns about the future of the stock market, and UBS shares jumped after posting strong quarterly earnings.

The pan-European STOXX 600 index rose 1.2 percent after recording its worst monthly performance in January since October 2020. Financial and mining stocks led the gains.

Shares of Swiss bank UBS jumped 7 percent after posting its best annual profit since the global financial crisis.

Germany’s Heidelberg Cement shares rose 3.4 percent after it recorded greater-than-expected sales in the fourth quarter of last year.

Automaker Stellantisrose 2 percent after three union sources said the company could lay off 1,400 workers in France this year.