European shares rise on upbeat earnings reports By Reuters

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) – European shares rose on Tuesday after Asian markets rallied on optimism about China’s economy, while upbeat earnings reports from miner Rio Tinto (NYSE:) and computer peripherals maker Logitech (NASDAQ:) boosted sentiment.

The pan-European index gained 0.4% by 0809 GMT, while and 40 gained 0.4% and London’s blue-chip index rose 0.7%.

UK-listed shares of Rio Tinto gained 1.4% after it reported a 2.4% rise in fourth-quarter iron ore shipments, helped by industrial activity in top consumer China. Miners were the top gainers among sectors, up almost 1%.

Logitech jumped 6.9% as it raised its 2021 sales growth and profit outlook for the third time, benefiting from a pandemic-driven boost in demand for work-from-home products and gaming accessories.

Asian stocks closed in on all-time highs as investors wagered China’s economic strength would help underpin growth in the region after data confirmed the world’s second-largest economy was one of the few to grow over 2020. [MKTS/GLOB]

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