Stock markets rose on Tuesday to new six-month highs after reassuring data about the health of China’s economy and economic sentiment in Germany helped investors brush aside disappointing bank earnings.
BlackRock Inc, the world’s largest asset manager, reported a better-than-expected first-quarter profit and garnered tens of billions of new investor cash as global financial markets rebounded from a volatile fourth quarter.
U.S. stock index futures inched higher on Tuesday, getting a lift from a clutch of upbeat quarterly reports from Bank of America, UnitedHealth and Johnson & Johnson.
Bank of America Corp reported a better-than-expected rise in quarterly profit on Tuesday, as a growing loan book and cost cuts made up for a drop in revenue in investment banking.
Johnson & Johnson beat quarterly profit estimates on Tuesday and raised its adjusted sales growth forecast for the year, driven by demand for its treatment for psoriasis and Crohn’s disease and cancer drugs Darzalex and Imbruvica.
BlackRock Inc beat analysts’ estimates for quarterly profit on Tuesday, as investors put money into its actively managed institutional and long-term funds.
Bank of America Corp reported a 6 percent rise in quarterly profit on Tuesday, as a growing loan book and cost cuts made up for a drop in revenue in investment banking.
U.S. casino operator Caesars Entertainment Corp, which has been under pressure from activist investor Carl Icahn to sell itself, said on Tuesday it appointed Anthony Rodio as its chief executive officer.
Johnson & Johnson reported first-quarter revenue above analysts’ estimates on Tuesday, driven partly by demand for its Stelara treatment for psoriasis and Crohn’s disease and cancer drugs Darzalex and Imbruvica.
BlackRock Inc, the world’s largest asset manager, on Tuesday reported a 3.3 percent drop in quarterly profit, as investors shunned its expensive funds and flocked toward low risk, inexpensive funds.
UnitedHealth Group Inc on Tuesday posted a quarterly profit that beat analysts’ estimates and raised its adjusted earnings target for the year, driven by strength in its Optum unit as well as a rise in memberships for its health plans.
China’s bond market sold off sharply this week as a slew of unexpectedly strong economic indicators prompted investors to ask if country’s latest round of monetary easing may be drawing to a close.
The management of India’s Jet Airways Ltd has proposed temporarily suspending all operations of the struggling airline, Indian media reported on Tuesday, as the company awaits promised funds from banks in a rescue deal.
Stock markets inched higher on Tuesday as reassuring data about the health of China’s economy helped investors shrug off disappointing bank earnings in the United States, while volatility in European markets took another leg lower.
Lufthansa reported an operating loss of 336 million euros ($380 million) for the first three months of the year, hurt by rising fuel costs and excess capacity in Europe, sending its shares down on Tuesday.
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