Upbeat earnings pull European stocks higher; Reckitt gains on forecast lift

European stocks inched toward record levels on Tuesday as strong results from UBS, Reckitt Benckiser and others added to overall optimism about the third-quarter earnings season.

The pan-European STOXX 600 rose 0.2% as of 0714 GMT after Asian shares edged higher, drawing comfort from fresh record highs for Wall Street indexes.

The financial services sector rose about 1% as the world's largest wealth manager, UBS, gained 2.4% after posting its best quarterly profit since 2015, helped by robust trading activity.


Helping UK's FTSE 100, Lysol cleaning products maker Reckitt Benckiser Group jumped 5.8% after it raised its full-year forecast and beat estimates for third-quarter sales.

Swiss drugmaker Novartis rose 0.8% after reporting a rise in adjusted operating profit and forecasting higher peak sales for its two best-selling pharmaceuticals.

Among decliners, computer peripherals maker Logitech International fell 3.1% after it confirmed full-year earnings outlook and warned of supply-chain disruptions.