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According to Reuters, the pan-European FTSEurofirst 300 was 0.1 per cent higher by 08:06 BST, with UBS adding 1.3 per cent.
The bank has posted its strongest net quarterly results since the start of the financial crisis and Achim Matzke of Commerzbank told the news source that quarterly corporate results currently being announced by large firms "are coming in above forecast".
However, he noted European stocks are still underperforming when compared to their US counterparts, stating: "The bottom line is European stocks are trading at a discount compared to US stocks because of the deficit worries in southern."
This situation could last for some time, the Frankfurt-based analyst said.
In London, the FTSE 100 started the day down, dipping 0.24 per cent to 5,540.06 points at 08:33 BST.
The market was closed yesterday due to the bank holiday.
Posted by Clive Arneil
