European stocks rose on Tuesday, with hopes for more policy support from top consumer China and Fed pause hopes helping underpin investor sentiment.
Euro zone bond yields slipped ahead of data on U.S. job openings that might provide additional clues on the Federal Reserve’s rate trajectory.
Investors also await Chinese PMI data and readings on U.S. inflation, GDP and nonfarm payrolls this week for further clarity on the global economic outlook.
Meanwhile, consumer sentiment in Germany is set to erode in September as both income and economic expectations of households weakened, survey results from the market research firm GfK showed earlier today.
The forward-looking consumer confidence index fell to -25.5 for September from a revised -24.6 in August. Economists had forecast a reading of -24.3.
Elsewhere, sentiment among the French consumers was unchanged for the second month in a row in August as their expectations regarding the future financial situation and standard of living weakened, and unemployment fears increased, survey results from the statistical office INSEE showed.
The consumer confidence index held steady at 85, where it has been since June. The outcome was in line with economists’ expectations.
The score remained well below its long-term average of 100 logged between January 1987 and December 2022.
The pan European STOXX 600 rose half a percent to 457.76 after climbing 0.9 percent on Monday. The German DAX edged up 0.3 percent and France’s CAC 40 added 0.2 percent.
The U.K.’s FTSE 100 was up 1.4 percent as traders returned to their desks after the Late Summer Bank Holiday.
Higher copper prices and a weaker dollar boosted mining stocks, with Antofagasta, Anglo American and Glencore all rising around 2 percent.
Oil & gas giant BP Plc jumped 2.6 percent and Shell added 1.4 percent as oil prices held steady despite growing concerns over fuel demand.
Bunzl climbed 3.5 percent after the business supplies distributor said it expects its adjusted operating profit for 2023 to be moderately higher than 2022 at constant exchange rates.
Lender Standard Chartered rose 1.2 percent after it agreed to sell its global aviation finance leasing business.
Technip Energies N.V., an engineering and technology company, rose about 1 percent in Paris.
The company announced that it has been awarded a contract by bp for a hydrogen production unit at its Kwinana biorefinery in Western Australia for undisclosed sum.
German drug discovery and development company Evotec AG edged up slightly after narrowing its Q2 loss.
Dutch insurer NN Group jumped nearly 10 percent after the Group’s solvency improved in the first six months of 2023.
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