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German exports rebound in March; industrial orders disappoint

May 7 Reuters European shares hit a morethanonemonth high on Tuesday, as a slew of positive corporate earnings, including from Switzerland39;s UBS and Italy39;s UniCredit, added to the upbeat sentiment surrounding interest rate cuts.

The panEuropean STOXX 600 was up 0.4, as of 0805 GMT after closing at a oneweek high on Monday fuelled by increased bets of rate cuts by the Federal Reserve and the European Central Bank this year.

It is also that the ECB and the BoE will start cutting rates sooner, and irrespective of the Fed. ECB has already indicated that the first rate cut will likely be in June, wrote Mohit Kumar, Jefferies39; chief economist in Europe.

We are still looking for around 0.5 economic growth for Europe and the UK for 2024.

Some of that will hinge on the euro zone39;s retail sales data, due later in the day, especially after data showed German exports rebounded in March but disappointing industrial orders dashed hopes for a swift economic recovery.

Among headlining stocks, UBS jumped 8 after the lender39;s first quarterly profit since taking over Credit Suisse was three times analysts39; expectations.

The financial services index climbed 2.2 to a threeweek high, leading sectoral gains.

UniCredit, Italy39;s secondlargest bank, gained 3.1 to a…