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Markets

European stocks hold gains despite Ukraine, Gaza concerns; Dax up 0.85%

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Investing.com -

Investing.com - European stocks remained higher on Tuesday, as markets recovered from the recent downtrend caused renewed tensions in Ukraine and ongoing violence in the Gaza Strip.

During European afternoon trade, the DJ Euro Stoxx 50 jumped 0.94%, France's CAC 40 gained 0.84%, while Germany's DAX advanced 0.85%.

Tensions between Russia and the West remained high in the wake of the downing of a Malaysian airliner in eastern Ukraine late last week, while Israel's ground offensive in Gaza was also in focus.

Markets turned their attention to a meeting of euro zone foreign ministers later on Tuesday to discuss further sanctions against Russia.

Separately, hopes for a ceasefire in Gaza mounted after U.S. Secretary of State John Kerry and United Nations chief Ban Ki Moon arrived in Cairo for talks aimed at stopping the violence.

Financial stocks turned broadly higher, as French lender Societe Generale (PARIS:SOGN) rose 0.44%, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) added 0.19% and 0.23%.

Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) advanced 0.44% and 1.68%, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) jumped 1.06% and 1.67%.

Elsewhere, Norsk Hydro (OSLO:NHY) inched up 0.03%, erasing earlier losses posted after the Norwegian aluminum producer reported earnings below estimates.

Publicis Groupe (PARIS:PUBP) remained on the downside however, plunging 4.88%, as the French advertising company said second-quarter sales dropped 1.5% to €1.76 billion, below estimates.

In London, commodity-heavy FTSE 100 advanced 0.79%, still boosted by gains in the mining sector.

Shares in Glencore Xstrata (LONDON:GLEN) jumped 1.59% and Rio Tinto (LONDON:RIO) rallied 1.38%, while rivals Bhp Billiton (LONDON:BLT) and Antofagasta (LONDON:ANTO) surged 1.80% and 2.15% respectively.

Financial stocks also remained broadly higher, as Barclays (LONDON:BARC) climbed 0.51% and Lloyds Banking (LONDON:LLOY) gained 0.65%, while the Royal Bank of Scotland (LONDON:RBS) advanced 1.03% and HSBC Holdings (LONDON:HSBA) surged 1.31%.

Meanwhile, Royal Mail (LONDON:RMG) saw shares plummet 1.01%, after saying parcels revenue declined 1% in the three months to June 29, compared with the same period last year. The company added that it was still likely to meet expectations for its overall annual performance.

In the U.S., equity markets pointed to a higher open. The Dow 30futures pointed to a 0.27% increase, S&P 500futures signaled a 0.26% rise, while the Nasdaq 100futures indicated a 0.31% gain.

Later in the day, the U.S. was to release reports on consumer price inflation and existing home sales.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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