European stocks rose as investors returned from long weekend
Investors returned from a long weekend on Tuesday and European stocks recorded gains amid positive earning reports. Fueled by the better-than-expected earning reports from BP Plc and Aberdeen Asset Management, Plc., the Euro Stoxx 600 Index 0.75% on the day.
The German DAX Index gained 33.16 points, or 0.16%, to 12,507.20 and the UK FTSE, supported by the positive manufacturing PMI data, was up 44.8 points, or 0.62%, at 7,248.75. Overall, technology and communication shares led the gains in major European stock indexes.
Moreover, the recent headlines suggesting that the IMF is close to reaching a bailout deal with Greece further boosted the risk appetite and supported the gains in stocks. Today's data showed that the unemployment rate in the euro area remained unchanged at 9.5%, missing the consensus of 9.4%, but was largely ignored by the participants. Tomorrow, the GDP growth rate and the PPI figures from the euro area could shape the demand for stocks.
Headlines from the European session
- IMF: Greek debt relief still needed after bailout deal - Reuters
- IFOP poll: Macron seen beating Le Pen in 2nd round - LiveSquawk
- ECB: A strengthening of the single market supervision at EU level is needed
- German FinMin Schaeuble: Protectionism is never the right answer for world economy
- Greece appears to have reached a tentative agreement with official creditors - BBH