European Stocks Surging Higher As Traders Shrug Off Trade Concerns
(RTTNews) - Despite the uncertainty about U.S.-China trade deal and the ongoing unrest in Hong Kong, European stocks are moving higher on Tuesday with investors tracking economic data, earnings reports and other corporate news for direction.
Automobile, bank and resources stocks are among the prominent gainers.
The pan European Stoxx 600 is up 0.62%. The U.K.'s FTSE 100 is rising 1.23%, Germany's DAX is up 1% and France's CAC 40 is gaining about 0.4%, while Switzerland's SMI is up by about 0.7%.
In the U.K. market, Halma shares are up more than 11% after the company said its adjusted profit for the first-half rose 14% and earnings per share increased by 15%.
Intertek Group is gaining 4.7%, Hargreaves Lansdown is up 3.2% and Standard Life is advancing 2.5%.
NMC Health, Aviva, Spirax-Sarco Engines, Glencore, Prudential and Imperial Brands are also up sharply.
Shares of budget carrier Easyjet are up 4% after the company's results came in at the upper end of its guidance.
Shares of Homeserve are up more than 6% following the company reporting a 9% increase in basic earnings per share.
Deutsche Bank, Continental, MTU Aero Engines, Volkswagen and BMW are among the prominent gainers in the German market.
SAP, Deutsche Post, Henkel, Lufthansa, Munchener and Daimler are also edging higher.
In France, Accor, ArcelorMittal and Hermes International are up sharply. Michelin, Peugeot, Societe Generale, Credit Agricole, Renault and Kering are also moving higher.
In economic news, according to data released this morning, eurozone current account surplus stood at EUR 28 Billion in September, compared to EUR 29 billion a month earlier.
Data from Eurostat showed Eurozone's construction output rose for the first time in three months, growing 0.7% in September, reversing a 0.8% fall in August.
Building and civil engineering works increased 0.6% and 1.2%, respectively.
On an annual basis, construction output fell 0.7% in September, after a 0.8% increase in the preceding month.
In the EU28, construction output rose 0.3% monthly in September and 0.3% from a year ago.
Switzerland's exports declined in October after rising in the previous month and imports fell for the second straight month, data from the Federal Customs Administration showed on Tuesday.
Exports declined by real 1.3% month-on-month in October, after a 2.7% rise in September.
On a monthly basis, imports fell 2.4% in October, following a 1.3% decline in the previous month.
The trade surplus fell to CHF 2.389 billion in October from CHF 3.047 billion in the preceding month.
According to the Federation of the Swiss Watch Industry, watch exports increased by 1.5% year-on-year in October.
Data release by the European Automobile Manufacturers Association (ACEA) said Europe's passenger car sales increased to the highest October level on record since 2009.
Car registrations grew 8.7% from last year to reach 1.17 million units in October, the data showed.
Sales increased 12.7% in Germany and by 8.7% in France. Italy's sales climbed 6.7% and Spain's sales grew 6.3%, the report said.
In the U.K. car sales contracted by 6.7% in the month of October, declining for an eighth straight month.
During January to October, new-car registrations were down 0.7% from the first ten months of 2018. Although demand increased across the EU in September and October, Germany remained the only major European market to record growth so far in 2019.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.