(Bloomberg) -- The upward march in global stock markets continued on Tuesday, with European equities following Asian peers higher as investors bet this earnings season will underpin the rally. The yen was the only G10 currency to rise against the dollar after the Bank of Japan pared bond purchases.
The Stoxx Europe 600 index rose as data showed German industrial production rebounded in November, and as the common currency declined. The pound fell as a reshuffle of senior U.K. government ministers descended into chaos, and China’s yuan dropped after the central bank was said to have effectively removed an adjustment mechanism used for its currency fixing. Oil pared an earlier gain that took it above
Earnings reports due this week from banks including JPMorgan Chase & Co. and Wells Fargo & Co. will dominate the market’s focus as traders look for more reasons to chase stocks trading at or near record highs. Analysts who raised profit estimates for companies around the world last week outnumbered those cutting them by the biggest margin since Citigroup Inc. began compiling the data 18 years ago.
Equity levels were tested in Asian trading hours when Samsung Electronics Co. missed profit forecasts and the BOJ announcement hit Japanese shares, underscoring how the rollback of central bank stimulus could affect markets. But most of the region’s major gauges still ended in the green.
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