European stocks rose supported by corporate profits and mining sector gains

European stocks rose on Tuesday, October 24, supported by large profits achieved by heavyweight companies such as the luxury goods giant Hermes and the Italian bank UniCredit, as well as gains in the mining sector resulting from the rise in metal prices.

The European STOXX 600 index rose 0.2% by 7:07 GMT.

UniCredit Bank shares rose 1.8% as the Italian bank announced a larger-than-expected 36% annual increase in third-quarter profits, supported by rising interest rates.

Hermes shares rose 2.3% after the bag manufacturer’s sales exceeded expectations in the third quarter, ignoring the slowdown in the broader luxury goods sector.

German company Puma’s shares rose 4% after the sportswear brand maintained its full-year profit expectations despite an 8.3% drop in its third-quarter profits.

Mining company shares were the biggest gainers among sectors, rising about 2%, benefiting from the rise in basic metal prices due to the decline in the dollar.