European shares boosted by upbeat earnings, gains in Total

(Reuters) – European stocks rose on Tuesday as a jump in shares of French energy major Total and a slew of positive earnings reports added to optimism over easing of lockdowns by major economies.

The pan-European STOXX 600 <.STOXX> rose 1.7% by 0716 GMT, after a three-day run of losses.

Total SA gained 5.8% after it maintained its dividend despite reporting a sharp fall in first-quarter net adjusted profit due to a plunge in oil prices.

Europe’s oil and gas sector <.SXEP> also got a boost from surging crude prices on expectations that fuel demand will begin to recover as some U.S. states as well as countries in Europe and Asia start to ease coronavirus lockdown measures.

Among other companies that reported, German meal-kit delivery firm HelloFresh surged 5.8% after it raised its 2020 forecast as continued lockdowns boosted its first-quarter performance in international markets.

Copenhagen-based jewellery maker Pandora jumped 6.2% after saying it was encouraged by higher online sales and the reopening of stores in Germany and some other countries.

All eyes will turn to a German constitutional court ruling on the legality of the European Central Bank’s bond purchases, later in the day.

Most analysts do not expect the court to rule against German bond purchases, but investors are on high alert for anything that could alter the ECB’s massive stimulus scheme.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)