Peter Nurse 

Investing.com reports that European stock market traded up Tuesday thanks to UBS’ strong numbers.

At 4:10 AM ET (0810 GMT), the in Germany traded 1% higher, the in France rose 0.7% and the U.K.’s climbed 0.6%, climbing to a new 52-week high.

UBS (SIX) shares rose 1.9% following the bank’s third-quarter net profit of $2.3Billion. This is the highest quarterly profit for six years and an increase of 9% over the previous year. The wealth management division continues to grow.

These strong results followed on from Monday’s healthy numbers by U.K.-based rival HSBC (LON:), but neither can be seen as particularly good proxies for the European sector as a whole given their focus on Asia.

Earlier Tuesday saw Asia market rise thanks to HSBC’s upgrade of its call for Chinese stocks overweight. This was because investors were becoming too bearish, and Wall Street closed Monday at record highs.

Returned to Europe Reckitt Benckiser Stock rose 5.5% in London after Lysol, maker of cleaning products, raised its full-year outlook following higher-than expected third quarter sales.

Thales (PA:), stock rose 0.2%, after the French defense company reaffirmed their full-year financial outlooks, even though there was a 1.4% decline in its underlying third quarter sales. The Swiss drugmaker Novartis (SIX) Stock climbed by 1% after its adjusted third quarter operating profit rose 10 percent.

However, there are also some upsides. Faurecia The stock of PA: fell 3.1% following a report by the French auto parts manufacturer that its third quarter sales dropped more than 10% compared to last year. This was due to cuts in production from customers in response to global shortages in semiconductor chips.

While there is not much economic data in Europe on Tuesday, investors will keep an eye out for a meeting with European Union ministers in order to address the recent rise in energy prices.

Crude prices stabilized Tuesday after the recent strong rally and ahead of the release of the latest U.S. stockpiles from the , a guide to demand in the world’s biggest consumer of oil.

Oil prices have more than doubled over the last year, helped by strong demand in the United States, as the world’s largest economy recovers from the damage caused by the Covid-19 pandemic.

A Reuters poll indicates that crude oil inventories rose by 1.7 Million barrels last week. But, gasoline and distillate inventories should fall.

The futures closed 0.3% below $83.50 per barrel at 4:10 AM ET. Contracts, however, traded 0.1% lower at $85.08.

Also, the price of $1,802.85/oz was 0.2% less than it traded at 1,1607, but it traded mostly flat at 1.1607.