By Investors Hub
European stocks have moved to the upside on Tuesday as German political concerns have eased and investors looked for signs of progress from the Senate debate on U.S. tax reform.
Investor sentiment also got a boost after all seven of the U.K.’s biggest lenders passed the Bank of England’s stress test for the first time since the test was launched in 2014.
While the U.K.’s FTSE 100 Index has advanced by 0.8 percent, the French CAC 40 Index is up by 0.5 percent and the German DAX Index is up by 0.3 percent.
In economic news, French consumer confidence improved more than expected in November after weakening in the previous four months, survey data from statistical office Insee showed.
Separately, the European Central Bank said eurozone money supply grew 5 percent annually in October following September’s revised 5.2 percent increase. The expected rate was 5.1 percent.
French lender Societe Generale has moved higher after announcing plans to cut 900 jobs as part of a restructuring exercise.
Pharmaceutical company Carmat has also climbed after the company announced the first implantation of its bioprosthetic artificial heart in the Czech Republic as part of its clinical trials in humans.
Casino has advanced after it signed an agreement with Ocado Group to develop the Ocado Smart Platform ecommerce grocery service in France. Ocado shares also soared.
Royal Dutch Shell has rallied after the company confirmed that it would stop its scrip dividend program and make future payments entirely in cash.
On the other hand, BMW shares have fallen after the German automaker announced a 200 million euro investment in a new BMW Group Battery Cell Competence Centre.
Adedapo Adesanya