European Stocks Recover After Weak Start, Close Mostly Higher
(RTTNews) - Despite exhibiting weakness for much of the day's session, European markets ended mostly higher on Tuesday, with investors making some selective buying as they looked ahead to the monetary policy statement from the European Central Bank, due this Thursday.
Investors were also tracking the developments on the political front, particularly in the U.K., where Prime Minister Boris Johnson said that he would not request an extension to Brexit.
The pan European Stoxx 600 ended up 0.1%. Among the major indices, the U.K.'s FTSE and Germany's DAX gained 0.44% and 0.35%, respectively. France's CAC 40 edged up 0.08%, while Switzerland's SMI declined 0.39%.
Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Ireland, Norway, Poland, Portugal, Spain, Sweden and Turkey closed on a firm note.
Netherlands and Russia edged up marginally, while Denmark, Greece, Iceland, Italy and Ukraine ended weak.
In the British market, EasyJet, Barclays, Lloyds Banking, IAG and Micro Focus ended stronger by 4 to 5.4%.
Centrica, NMC Health, Carnival, Standard Chartered, Rolls-Royce Holdings, J Sainsbury, Aviva, Schroders, Standard Life, Prudential and Legal & General gained 3 to 4%.
On the other hand, Just Eat declined more than 6%. Sage, Experian, Rightmove, Associated British Foods, Rentokil, Relx, DCC, Burberry Group, GlaxoSmithKline and AstraZeneca lost 2 to 4%.
In Germany, Continental, Thyssenkrupp, Lufthansa, Bayer, BASF, E.ON, Siemens, Fresenius, Deutsche Bank and HeidelbergCement gained 1.5 to 3.6%.
Wirecard, Adidas, Merck, Linde, Beiersdorf and SAP declined.
French stocks Unibail Rodamco, Saint Gobain, ArcelorMittal, Carrefour, Publicis Groupe, Bouygues, Total, Credit Agricole, BNP Paribas, Societe Generale and Peugeot ended with strong gains.
Airbus Group, Safran, Atos, Essilor, Capgemini, Louis Vuitton and STMicroElectronics declined sharply.
The European Central Bank President Mario Draghi is expected to unleash a barrage of stimulus on Thursday to shore up economic growth amid the U.S.-China trade war.
In economic releases, France's industrial production recovered in July but the pace of growth was weaker than expected, figures from the statistical office Insee showed.
France payroll job creation grew at a slower pace in the second quarter, data from the statistical office Insee showed. Net payroll job creation reached 56,200, up 0.2% from the previous quarter. This was slower than the 0.4% increase in the previous quarter.
The U.K. unemployment rate remained at the lowest since late 1974, the Office for National Statistics reported.
In three months to July, the ILO jobless rate remained unchanged sequentially, at 3.8%, but slightly below the expected 3.9%.
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