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European Stocks Move in Narrow Range as investors Digest Earnings Reports

By Investors Hub

European stocks are moving in a narrow range on Tuesday as investors digest a barrage of earnings reports and look forward to the Fed and BoE meetings.

While the German DAX Index has edged down by 0.2 percent, the French CAC 40 Index is up by 0.2 percent and the U.K.?s FTSE 100 Index is up by 0.7 percent.

In economic news, the euro area economy grew at a slower pace in the second quarter, the preliminary flash estimate from Eurostat showed.

GDP grew 0.3 percent from the first quarter, when the economy expanded 0.4 percent. A similar slower rate of growth was last seen in the second quarter of 2016.

A separate report showed euro area inflation accelerated for a third straight month in July to its highest level since late 2012.

The harmonized index of consumer prices rose 2.1 percent year-on-year in July after climbing 2 percent in June. Economists had expected the rate to remain unchanged.

German retail sales recovered in June after falling a month ago, while France?s consumer price inflation accelerated at a faster-than-expected pace in July, separate reports showed.

Swiss banking giant Credit Suisse Group has moved to the upside on the day after its second quarter profit more than doubled.

Lufthansa has also jumped. The German airline posted weak second-quarter earnings but said cost cuts and higher fares will help it reach full-year targets.

French media conglomerate Vivendi has also moved higher after the company said it is exploring the sale of up to 50 percent of Universal Music Group’s share capital.

Vedanta has soared in London as Chairman Anil Agarwal’s family trust offered about $1 billion in cash to take the company private.

Oilfield services provider Petrofac has also rallied after it agreed to sell 49 percent of its operations in Mexico to Perenco International.

On the other hand, Standard Chartered has moved lower despite the bank reporting a 34 percent increase in its first-half pretax profit.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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