Strong Business Results Support European Stocks

European shares extended gains on Tuesday after the European Central Bank chief eased concerns about faster monetary policy tightening this year, while positive business results supported investor sentiment.

The benchmark Stoxx 600 index was up 0.3 percent by 0830 GMT. Oil stocks were among the biggest gainers on the European index, rising 0.8 percent after BP reported a profit of $12.8 billion in 2021, the highest in eight years, as natural gas and oil prices rose.

Shares of the London-based energy giant rose 1.7 percent.

Shares in French bank BNP Paribas fell 3.5 percent after reporting less-than-expected pre-allocation earnings.