OTTAWA (dpa-AFX) - European markets closed higher on Tuesday as encouraging economic data from the region outweighed concerns about rising coronavirus cases and slow vaccine rollouts, and prompted investors to pick up shares.
Optimism about strong economic rebound in the U.S., easing concerns about U.S. hedge fund default and dovish comments by Bank of England's policy maker Gertjan Vlieghe on Monday contributed as well to the positive close in European markets.
Bank stocks moved higher on hopes the lenders would benefit from rising bond yields.
The pan European Stoxx 600 climbed 0.71%. The U.K.'s FTSE 100 ended 0.53% up, Germany's DAX advanced 1.29% to a new high, France's CAC 40 gained 1.21% and Switzerland's SMI ended higher by 0.29%.
Among other markets in Europe, Austria, Belgium, Greece, Ireland, Netherlands, Portugal, Spain and Sweden ended notably higher.
Czech Republic, Finland and Turkey posted modest gains and Denmark edged up marginally. Iceland and Poland finished with modest losses, while Norway and Russia ended flat.
In the UK market, IAG, Barclays Group, Melrose Industries, Natwest Group, HSBC Holdings, Legal & General, BAE Systems, Aviva, Lloyds Banking, Rolls-Royce Holdings, Standard Chartered, Antofagasta, Prudential, Anglo American and M&G gained 2 to 5.1%.
Fresnillo, Ocado Group, Severn Trent, British American Tobacco, Polymetal International and National Grid declined sharply. AstraZeneca ended notably lower after Canada suspended its Covid vaccine for adults aged 55 and under because of an adverse event referred to as Vaccine-Induced Prothrombotic Immune Thrombocytopenia (VIPIT).
In Germany, Thyssenkrupp, Volkswagen, BMW, Daimler, Lufthansa, Covestro, BASF, MTU Aero Engines, Siemens, Allianz and HeidelbergCement gained 2 to 5%.
German IT service provider Cancom SE rallied sharply after the company posted higher fourth-quarter revenues and said it expects a significant increase in gross profit and EBITDA and a very significant increase in Group EBITA for full-year 2021.
In the French market, Unibail Rodamco, Societe Generale, BNP Paribas, Air France-KLM, LVMH, Renault, Valeo, Credit Agricole, Kering, ArcelorMittal, Thales and Saint Gobain moved up 2 to 4%, while Technip, Capgemini and Engie ended notably lower.
In economic releases, Eurozone economic confidence more-than-expected in March, survey results from the European Commission showed.
The economic sentiment index climbed to 101.0 in March from 93.4 in the previous month. The score was above economists' forecast of 96.0. This was the highest reading since February 2020.
A measure of French consumer confidence climbed to 94 from 91 in February, survey data from INSEE showed earlier today as households' expectations regarding their financial situation outlook strengthened and the saving intentions hit a record high.
Economists had expected the index reading to remain unchanged. The latest score was the highest since December's 95, but remained below the long-term average of 100.
Germany's import prices increased for the first time in nearly two years in February, data released by Destatis showed. Import prices advanced 1.4% year-on-year in February, reversing a 1.2% drop in January. This was the first increase in import prices since April 2019. Economists had forecast an annual growth of 1.1 percent for February.
Another data from Destatis showed Germany's consumer price prices rose 1.7% year-on-year in March, faster than the 1.3% rise in February. A similar higher rate was last seen in January 2020. The annual rate matched economists' expectations.
Copyright RTT News/dpa-AFX
© 2021 AFX News
