UBS soar; French cognac makers jump; UniCredit rallies (Il Sole 24 Ore Radiocor) - Milan, 07 May - In European stock market dealings shares rose across the board, with financial services stocks leading the gains.

Swiss banking giant UBS soared 9.68% in Zurich dealings after it beat analyst expectations and swung back to a quarterly net profit after two straight losses.

French cognac makers jumped after France's president Emmanuel Macron hinted to an easing of trade tensions between China and the European Union.

Pernod Ricard rallied 2.65% and Remy Cointreau soared 8.06%.

The Italian bank UniCredit jumped 2.86% after it said that in the first quarter of 2024 net profit rose 24% to 2.6 billion euros. Net revenue rose 7% to 6.3 billion euros. Return on tangible equity (ROTE) reached 23% and common equity tier one 16.23%.

The bank said that its full-year net profit guidance was improved to over 8.5 billion euros and the total full-year distribution guidance raised to be in line with 2023.

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(RADIOCOR) 07-05-24 13:47:33 (0495) 5 NNNN