European Shares Advance As Investors Brush Off Trade Jitters

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(RTTNews.com) - European stocks advanced on Tuesday as investors brushed aside trade worries and oil prices extended gains following renewed U.S. sanctions on Iran.

The pan-European Stoxx Europe 600 index was up half a percent at 390.64 in late opening deals after declining 0.1 percent on Monday.

The German DAX was rallying 0.9 percent, France's CAC 40 index was moving up 0.7 percent and the U.K.'s FTSE 100 was rising 0.6 percent.

Automakers surged as the dollar strengthened against most currencies. BMW, Daimler, Volkswagen, Renault and Peugeot all rose around 1 percent.

Commerzbank shares fell 2 percent in Frankfurt. The lender swung to a profit in its second quarter but raised its cost target for 2018.

Rising commodity prices helped lift mining and energy firms. BHP Billiton, Anglo American, Rio Tinto, Antofagasta and Glencore climbed 2-3 percent while energy firms BP Plc, Total SA and Tullow Oil were up 1-2 percent.

Italian lender UniCredit jumped 2.4 percent after its Q2 profit rose on lower operating costs and a decline in write-downs on loans and provisions.

Bonduelle slumped 6 percent in Paris after warning of slower growth in FY 2018-19.

Danish jeweler Pandora plummeted 19 percent after the company trimmed its sales and profit margin guidance for this year.

In economic releases, German exports remained unchanged while industrial production declined more than expected in June, separate reports from Destatis showed.

U.K. like-for-like sales grew only slightly in July as hot weather weighed on demand for non-food products, data from the British Retail Consortium and KPMG revealed.

Read the original article on RTTNews (http://www.rttnews.com/2923855/european-shares-advance-as-investors-brush-off-trade-jitters.aspx)

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This article appears in: Politics , World Markets , US Markets , Oil , Stocks

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