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European Shares Rise on Strong Corporate Earnings, but October Ends with Worst Monthly Performance

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European Shares,Corporate Earnings,Benchmark Index

European shares climbed on Tuesday, driven by positive corporate earnings, but the benchmark index still recorded its worst monthly performance since September 2022. Concerns about economic growth and higher interest rates continue to weigh on investor sentiment.

Oct 31 - European shares climbed on Tuesday, with investors drawing comfort from a slew of corporate earnings beat, but the benchmark index still ended October sharply lower on concerns about economic growth and interest rates staying higher for longer.

Euro zone economic growth was weaker than expected in the third quarter, a flash estimate showed, with gross domestic product contracting slightly quarter-on-quarter and the year-on-year growth rate slowing sharply.Investor focus turned to central bank decisions by the U.S. and UK later this week. The energy sector was the worst hit due to a 4.6% fall in BP after third-quarter earnings missed analysts' forecasts.

 

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