(RTTNews.com) - The European markets were largely flat during the first half of Tuesday's session, but climbed in the afternoon. The majority of the markets ended the day in positive territory. Traders continue to keep a close eye on the political situation in Italy and were also focused on comments from the Bank of England.
Giuseppe Conte, a relative unknown in Italian politics, has been chosen as the country's candidate for Prime Minister. However, Italian President Sergio Mattarella has yet to approve Conte.
Bank of England Governor Mark Carney said on Tuesday that interest rates are set to rise at a gentle pace and the slowdown seen in the first quarter was temporary.
Speaking to lawmakers, Carney said households expect rate hikes over the course of the year. They also expect the bank to proceed at a very gentle pace.
The pan-European Stoxx Europe 600 index advanced 0.45 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.43 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.47 percent.
The DAX of Germany climbed 0.71 percent and the CAC of France rose 0.05 percent. The FTSE 100 of the U.K. gained 0.23 percent, but the SMI of Switzerland finished lower by 0.05 percent.
In Frankfurt, Evotec soared 11.15 percent. The firm and Celgene Corp. have entered into a long-term strategic drug discovery and development partnership to identify new therapeutics in oncology.
Thyssenkrupp surged 9.46 percent after Bloomberg reported that Elliott Management has acquired a stake in the company.
In Paris, Credit Agricole jumped 2.75 percent after the lender won a court ruling in a case against the tax authorities.
In London, Glencore gained 0.54 percent. The miner and commodity trader is close to a $1 billion deal to buy Chevron Corp.'s southern African assets, potentially scuppering an earlier agreement with China Petroleum & Chemical Corp., Bloomberg reported citing three people familiar with the matter.
Inmarsat sank 7.08 percent after its monopoly on providing an internationally required set of communication systems for ships ended.
The UK budget deficit narrowed in April, the Office for National Statistics reported Tuesday. Public sector net borrowing, excluding public sector banks, decreased GBP 1.6 billion to GBP 7.8 billion in April. This was the lowest April net borrowing since 2008. The expected level was GBP 8.5 billion.
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