European Stocks Rise as Investors React to Mixed Economic Readings
By Investors Hub
European stocks have moved to the upside during trading on Tuesday as investors react to mixed economic readings and corporate earnings releases.
While the German DAX Index has inched up by 0.1 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are up by 0.4 percent and 0.5 percent, respectively.
Homebuilder Taylor Wimpey has rallied in London after announcing new goals for the next five years to 2023.
Cairn Energy has also jumped. The oil and gas firm said that its platform for creating value remains strong and it expects 2018 to be a busy and successful year.
Credit Agricole Group shares have advanced after the French lender reported a marginal rise in first quarter net income amid growth in areas such as insurance and asset management.
Swiss banking software firm Temenos have also soared after its shares were included in MSCI’s Switzerland index.
Meanwhile, Vodafone shares have fallen after the telecom group said it expects a slowdown in underlying profit growth this year.
French telecoms group Iliad has plummeted more than 17 percent after posting weak first quarter sales and announcing management changes.
Danish jewelry maker Pandora has also slumped as it flagged a slowdown in growth in China.
Technology and industrial conglomerate ThyssenKrupp has also moved to the downside after posting a surprise 23 million euro loss at its struggling Industrial Solutions business.
In economic news, the Eurozone economy expanded at a slower pace as previously estimated in the first quarter, a flash estimate from Eurostat showed. GDP grew 0.4 percent sequentially, slower than the 0.7 percent expansion seen in the previous quarter.
Data from Destatis showed that German economic growth halved in the first quarter. GDP grew 0.3 percent sequentially, slower than the 0.6 percent expansion seen in the previous quarter.
A gauge of French consumer price inflation remained stable as initially estimated in April, while the U.K. jobless rate in the three months to March reached the lowest point since 1975, separate reports showed.