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European Stocks Extend Gains Despite Slowed Momentum

By Investors Hub

European stocks are extending gains from the previous session on Tuesday, although the momentum appears to have slowed somewhat after the Bank of Japan trimmed the size of its bond-repurchase offer in its latest market operation.

While the French CAC 40 Index has risen by 0.7 percent, the German DAX Index and the U.K.?s FTSE 100 Index are both up by 0.4 percent.

Altice N.V. is soaring after the telecom company’s board approved plans for the separation of Altice USA Inc. (ATUS) from Altice NV, which will be renamed “Altice Europe.?

Biocartis Group N.V. has also rallied after it signed a new companion diagnostic development agreement with biotechnology company Amgen (AMGN).

Morrison Supermarkets has jumped in London after reporting a better-than-expected performance over the holiday period.

Meanwhile, Tesco has moved lower after its sales grew 3.1 percent in the 12 weeks to December 31st, according to Kantar Worldpanel.

On the economic front, German industrial output expanded 3.4 percent month-on-month in November, reversing a revised 1.2 percent drop in October, official data showed. Output was expected to grow 1.8 percent.

Another report revealed that German exports climbed 4.1 percent in November, in contrast to a 0.3 percent drop registered in October. The increase exceeded the expected growth of 1.2 percent.

France’s foreign trade gap widened in November, as exports fell faster than imports, data from the customs office showed.

The trade deficit rose to 5.7 billion euros in November from 5.3 billion euros in the previous month. Economists had expected the deficit to narrow to 4.7 billion euros.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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