FX.co ★ European stocks close higher

The main European indices were up at the close of yesterday's trading. STOXX Europe 600 added 0.73%. However, other indices showed slightly smaller gains. Thus, German DAX gained 0.27%, French CAC 40 added 0.48%, British FTSE 100 increased by 0.53% and Italian FTSE MIB and Spanish IBEX 35 rose by 0.63% and 0.46% respectively.One of the reasons for the rise in European indices has been the fall in the value of the euro. This has resulted in higher relative profits for companies involved in exports.Also, the rise in European indices was due to the upturn in the US stock market. The indices were partly influenced by the correction, as the French and German indices had earlier shown a decline.One of the most important reasons for the rise in indicators is the good results of the corporate reports of the companies that have already released them. Many of the large corporations have shown an increase in revenues.Investors continue to monitor global events and their impact on the global economy, such as the Russia-Ukraine conflict, the rising coronavirus in China, soaring prices and measures introduced by central banks to combat inflation.According to the latest data, the consumer confidence indicator in France fell to 88 points this month from March's level of 90 points. This is the lowest level for the past three years. At the same time, experts had forecast a rise to 92 points rather than a fall.Compagnie Generale des Etablissements Michelin's earnings rose by 19% in the first quarter (higher than experts' forecasts) and the value of its shares was up by 3.6%.STMicroelectronics NV (STMicro) succeeded in doubling its net profit for the first quarter as a result of increased demand for semiconductors. This had a positive effect on its shares. They gained 0.5%.Mercedes-Benz Group AG managed to increase its quarterly net profit by 2.6%. Its earnings climbed by 6%. This had a good impact on the company's share price, which rose by 1.5%.The first-quarter net loss increased by 8.3% and Credit Suisse Group AG's 42% year-on-year decline in revenues led to a 2.6% decline in its share price. The company is planning personnel changes as a result of these weak results.Despite the fact that Deutsche Bank AG achieved its highest net profit in nine years, the value of its shares fell by 5.6%.Commerzbank AG's report of earnings and operating profit that exceeded experts' forecasts, helped the company's share price to gain 1.3%.Overall, among the companies included in the STOXX Europe 600 indicator, HelloFresh SE (+11.6%), Clariant AG (+7.9%) and Umicore S.A. (+7,6%) were the highest gainers.At the same time, other companies showed equally strong drops in share price: Aveva (-15.9%), Bank of Ireland (-12.5%), Ipsen (-12.4%).