Europe Markets Close Flat as Sell-Off in Spanish Stocks Eases
By Investors Hub
European stocks were flat to slightly higher on Tuesday to hover near 3-month highs as a sell-off in Spanish markets eased and upbeat U.S. economic data bolstered investor optimism about global economic growth.
Spanish Prime Minister Mariano Rajoy on Monday said the government will seek a joint response with other political parties to the “pro-independence challenge” in Catalonia.
The pan-European Stoxx Europe 600 index was marginally lower at 390.05 in late opening deals after rising half a percent on Monday.
France’s CAC 40 index was moving up 0.2 percent and the U.K.’s FTSE 100 was marginally higher in lackluster trade, while the German market remained closed for a public holiday.
Spanish banks rebounded after steep losses on Monday, with CaixaBank rising over 1 percent.
Mining giant Rio Tinto advanced 1.3 percent on saying it has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia.
Ferguson shares rallied 2.8 percent. The plumbing supplies group hiked dividend and announced a share buyback plan after reporting a rise in trading profit.
Bakery chain Greggs jumped 2 percent on reporting a 5 percent rise in like-for-like sales in the 13 weeks to the end of September.
Royal Dutch Shell rose half a percent on a Bloomberg report that the company and its partners Eneco Holdings NV and Mitsubishi Corp. are seeking to sell a stake in two Dutch offshore wind-farm projects.
Coca Cola HBC lost 2.6 percent after announcing the death of its CEO, Dimitris Lois.
Shire Plc slid half a percent after it sued Allergan for allegedly scheming to block doctors from prescribing its new treatment for dry eye disease.