European Shares Rise On Tariff Relief Hopes

(RTTNews) - European stocks were modestly higher on Tuesday ahead of a slew of earnings and key data releases due this week.

Sentiment was underpinned after reports emerged that the U.S. would move to reduce the impact of duties imposed on foreign parts in domestically manufactured cars.

Meanwhile, German consumer confidence is set to continue its recovery in May as trade tariff hikes by the U.S. administration had a limited impact, a closely watched survey showed.

The forward-looking consumer sentiment index improved unexpectedly to -20.6 in May from revised -24.3 in the previous month, according to a survey jointly published by the market research group GfK and the Nuremberg Institute for Market Decisions. The score was expected to fall to -25.6.

Eurozone economic sentiment survey results are awaited.

The pan European STOXX 600 was up 0.4 percent at 525.01, rising for a sixth straight session. The German DAX climbed 0.7 percent and France's CAC 40 was marginally higher.

The U.K.'s FTSE 100 was marginally higher, extending gains for the twelfth consecutive session.

Lender HSBC rallied 2.3 percent as it launched a $3 billion share buyback despite an increasingly fragile geopolitical backdrop.

Deutsche Bank rose nearly 2 percent after posting higher-than-expected first-quarter profit and confirming its FY25 revenue view.

Rheinmetall AG, the German auto and defense firm, soared 6 percent after first-quarter sales beat expectations.

Meal-kit maker HelloFresh SE climbed 9 percent after backing its annual outlook. Clariant AG jumped 5 percent. The Swiss specialty chemicals company reported improved profitability in its first quarter results despite flat sales.

Sportscar maker Porsche slumped 4.8 percent after cutting its FY25 outlook.

Schneider Electric SE plummeted 7 percent. The electrical equipment maker cut its 2025 implied core profit margin outlook, citing foreign exchange rate fluctuations.

Deutsche Boerse, one of the leading European stock exchanges, tumbled 5 percent after revenue missed consensus estimates.

Appliances maker Electrolux nosedived 10 percent as Q1 profit lagged expectations.

BP Plc lost 4.5 percent after announcing mixed earnings results and the departure of executive who led strategy during failed pivot to renewables.