European Equities Close Higher as Germany Reports Public Budget Surplus, Financial Stocks Rally
European equities closed higher on Tuesday, buoyed by positive economic data from Germany and a mini-rally among financial services stocks.
In macro-economic news, the core and extra budgets of Germany's overall public budget posted a surplus of EUR 3.9 billion ($4.27 billion) in the first three quarters of 2015, according to provisional results of quarterly cash statistics released by Destatis, Germany's federal statistics agency. In the same period a year earlier, the overall public budget showed a cash deficit of 20.8 billion euros.
Spain's retail trade index edged lower in November from October, according to data published by the nation's statistics agency, INE. The retail trade index registered a reading of -0.5% in the penultimate month of the year compared to readings of +0.5% and +0.8% in October and September, respectively.
By contrast, the annual rate of change for the country's General Retail Trade Index remained in positive territory, posting a reading of +3.3% in November, compared to +6.0% and +4.7% in October and September, respectively.
And, in company news, health care company Hikma Pharmaceuticals rallied 4.8% on London's FTSE 100 Index, leading gainers. Homebuilders posted significant gains with Taylor Wimpey, Persimmon and Barratt Developments climbing 3.6%, 3.4% and 2.9%, respectively. The London Stock Exchange Group, an international market infrastructure and capital markets business, rose 2.9% and financial services firm Hargreaves Lansdown gained 2.8%.
On the DAX, Deutsche Boerse, an international financial marketplace operator, gained 3.5%, potash supplier K+S rose 2.8%, and athletic apparel maker Adidas closed 2.7% higher. Telecom provider Deutsche Telekom ended 2.6% higher and Linde, a company engaged in the gas and engineering sectors was 2.5% higher.
And, on the CAC-40, Veolia Environnement, a provider of environmental management services, climbed 3.3% followed by project management, engineering and construction major Technip, up 2.9%. Luxury goods maker LVMH Moet Hennessy Louis Vuitton rose 2.5%, followed by Cap Gemini, which provides consulting, outsourcing, technology and professional services, closing 2.4% higher.
The FTSE 100 rose by 0.96%, the DAX climbed 1.94% and the CAC-40 increased by 1.81%.
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