Upbeat earnings lift European stocks

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Oct 25 (Reuters) – European stocks rose on Tuesday after a slew of better-than-expected earnings reports helped offset worries about fast rising interest rates and a slowing euro zone economy.

The pan-European STOXX 600 index rose 0.5% by 0717 GMT, with media and technology stocks countering losses in chemical firms.

SAP gained 3.9% after the German business software maker reported faster-than-expected revenue growth for the third quarter, while Logitech International rose 4.8% after the computer peripherals maker reaffirmed its full-year forecast.

UBS climbed 3.5% after the Swiss bank beat market expectations for quarterly profit due to a rise in new money inflows.

Among decliners, German chemicals maker Covestro fell 1.9% after it cut its 2022 earnings outlook for the third time this year, blaming high gas and raw material prices amid the deepening European energy crisis. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shailesh Kuber)

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