13-05-2025
European stocks extend gains for fourth day, Bayer soars
May 13 (Reuters) - European stocks edged higher on Tuesday, as positive corporate updates helped keep markets at a six-week high, a day after the United States and China announced a truce in their trade spat.
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 ( 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 ( opens new tab and Orsted ( opens new tab and Portugal's largest utility EDP ( opens new tab soared, with traders pointing to better-than-expected U.S. proposals for the reconciliation bill.
Germany's largest reinsurers, Munich Re ( opens new tab and Hannover Re ( 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.
