European stocks extend gains for fourth day, Bayer soars
The continent-wide STOXX 600 index (.STOXX), opens new tab rose 0.2% by 0732 GMT, rising for a fourth straight session.
Global stocks surged on Monday after Beijing and Washington agreed to a 90-day pause on some of the hefty tariffs imposed earlier in April.
Among single stocks, Bayer (BAYGn.DE), opens new tab jumped 10.8% after it posted a slower decline in first-quarter adjusted earnings than the market had feared as strong prescription numbers for new drugs offset a drop in its soy and cotton seed business.
Shares of renewable energy firms Vestas (VWS.CO), opens new tab and Orsted (ORSTED.CO), opens new tab and Portugal's largest utility EDP (EDP.LS), opens new tab soared, with traders pointing to better-than-expected U.S. proposals for the reconciliation bill.
Germany's largest reinsurers, Munich Re (MUVGn.DE), opens new tab and Hannover Re (HNRGn.DE), opens new tab, dropped 3.9% and 3.4%, respectively, after they reported sharp declines in first-quarter profit after a combined 1.7 billion euros ($1.89 billion) in claims relating to the Los Angeles wildfires this year.
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