Gains in Automobile, Banking Stocks Lift European Equities
By Investors Hub
Despite uncertainty about a U.S.-China trade deal and ongoing unrest in Hong Kong, European stocks are moving higher on Tuesday, with investors tracking economic data, earnings reports and other corporate news for direction. Automobile, banking and resources stocks are among the prominent gainers.
While the French CAC 40 Index has edged up by 0.2 percent, the German DAX Index and the U.K.?s FTSE 100 Index have jumped by 1 percent and 1.1 percent, respectively.
In the U.K. market, Halma shares have moved sharply higher after the company said its adjusted profit for the first-half rose 14 percent and earnings per share increased by 15 percent.
Shares of budget carrier Easyjet have also moved to the upside after the company’s results came in at the upper end of its guidance.
Home emergency repairs company Homeserve has also advanced after reporting a 9 percent increase in basic earnings per share.
Deutsche Bank, Continental, MTU Aero Engines, Volkswagen and BMW are among the prominent gainers in the German market.
In France, Accor, ArcelorMittal and Hermes International are up sharply. Michelin, Peugeot, Societe Generale, Credit Agricole, Renault and Kering are also moving higher.
According to data released this morning, the eurozone current account surplus stood at 28 billion euros in September, compared to 29 billion euros a month earlier.
Data from Eurostat showed Eurozone’s construction output rose for the first time in three months, growing 0.7 percent in September, reversing a 0.8 percent fall in August.
The European Automobile Manufacturers Association said Europe’s passenger car sales increased to the highest October level on record since 2009.
Car registrations jumped 8.7 percent from last year to reach 1.17 million units in October, the data showed.