Picture used for illustrative purpose. File
Renewed optimism over a US-China trade deal and a smaller-than-expected decline in German economic output fuelled a rally in European stocks on Tuesday, with Frankfurt shares hitting a 1-month high.
The pan-European STOXX 600 index rose 0.8% by 0711 GMT, extending this week's gains on the back of positive updates on COVID-19 treatment efforts.
Lifting sentiment, top US and Chinese trade officials reaffirmed their commitment to the Phase 1 trade deal despite diplomatic rifts between the two countries.
The trade-sensitive German DAX rose 1%, helped by data showing Europe's largest economy contracted by a record 9.7% in the second quarter, but marked a minor upward revision from an earlier estimate of -10.1%.
All eyes will be on the Ifo institute's business climate index for August, due to be released at 0800 GMT.
Among individual stocks, technology company Aveva Group rose 3.2% after announcing a deal to buy OSIsoft, a privately held maker of industrial software, for an enterprise value of $5 billion.
LVMH gained 1.1% after a source told Reuters the French luxury goods giant and U.S. jewellery chain Tiffany will give themselves another three months to complete their $16.2 billion tie-up.
The pan-European STOXX 600 index fell 1.9%, on track for its biggest one-day drop in a month, pushing it to a weekly loss for the first time in four weeks.
European stocks struggled for direction on Tuesday, with banking shares declining ahead of the US and UK central bank meetings this week.
London's benchmark FTSE 100 index of major blue-chip companies shed 2.1 per cent to 5,882.30 points, compared with Friday's closing level.
Global economic leaders on Friday hailed China’s move away from its hardline zero-Covid policy, with the IMF chief saying the “decisive actions” would help revive growth both in the country and globally.
The British public’s expectations for inflation over the next one to two years rose to their joint-highest level in nearly a decade and satisfaction with the Bank of England slid,
A total of 3,186 real estate transactions worth over Dhs9.1 billion were conducted during the week ending 9th December, 2022, according to figures released by the Dubai Land Department (DLD).