* FTSEurofirst 300 up 0.2 pct, hits 6-year high
* Airbus surges after better-than-expected results
* Credit Suisse drops on worries over U.S. probe
* First-quarter profits up average 2.5 pct so far
By Blaise Robinson
PARIS, May 13 European shares inched up on
Tuesday, with a key index reaching a six-year high as upbeat
company results helped boost sentiment.
Airbus Group surged 5 percent in a relief rally
after it reported better-than-expected profits and said its
latest jetliner, the A350, was "progressing towards
certification" in time for first delivery by the end of the
"Airbus Group results are a decent beat... This is a very
good start to the year and guidance remains unchanged," Cantor
Fitzgerald analyst Andy Chambers wrote in a note.
Shares in ThyssenKrupp also surged, up 5.6 percent
after the German steelmaker posted its first quarterly net
profit in two years, beating analyst estimates, and raised its
forecast for full-year operating profit.
Roughly three quarters into the European earnings season,
STOXX 600 companies have posted on average a 2.5
percent rise in profits and a 0.7 percent rise in revenues,
according to data from Thomson Reuters StarMine, fuelling hopes
of a long-awaited rebound in European corporate profits this
"This first-quarter earnings season reflects the recovery in
of the macroeconomic landscape and although it's moderate, the
negative currency impact seems lower than in the previous
quarter," said Joffrey Ouafqa, fund manager at Convictions AM,
"If the macro recovery is confirmed, company results and
share prices will follow, that's what the market needs at this
point because stocks are fairly valued now."
At 0755 GMT, the FTSEurofirst 300 index of top
European shares was up 0.2 percent at 1,367.37 points, a level
not seen since May 2008.
The gains in European equities mirrored a rally on Wall
Street on Monday, with both the Dow Jones industrial average
and the S&P 500 hitting record closing highs.
Shares in Credit Suisse dropped 2.6 percent after
sources told Reuters New York state's banking regulator is
seeking hundreds of millions of dollars from the Swiss lender in
its probe of potential tax evasion, which could push an eventual
settlement with U.S. authorities over $2 billion.
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Additional reporting by Sudip Kar-Gupta in London and
Alexandre Boksenbaum-Granier in Paris; Editing by John