European Stocks Close Broadly Higher

(RTTNews) - European stocks closed broadly higher on Tuesday with investors focusing on quarterly earnings updates and awaiting results from Nvidia, and some crucial economic data, including U.S. inflation readings, due later in the week.

Optimism about an interest rate cut by the Federal Reserve aided sentiment. French politics were in focus after President Emmanuel Macron refused to name a prime minister from the left-wing New Popular Front alliance (NFP), which won the most seats in last month's snap election.

In economic releases, the German economy contracted, as initially estimated, in the second quarter due to weak household consumption and investment, official data revealed.

German GDP fell 0.1% sequentially, in line with the flash estimate, following a 0.2% rise in the first quarter, according to final results from Destatis.

Meanwhile, hopes of a consumer-driven recovery in the second half of the year got another hit with German consumer confidence dropping.

A monthly survey data from the market research group Gfk revealed that the forward-looking consumer confidence index fell to -22.0 from revised -18.6 in August.

The pan European Stoxx 600 ended higher by 0.16%. The U.K.'s FTSE 100 and Germany's DAX gained 0.21% and 0.35%, respectively. France's CAC 40 ended down 0.32%, while Switzerland's SMI closed lower by 0.47%.

Among other markets in Europe, Denmark, Iceland, Portugal, Spain and Turkiye closed higher. Austria, Netherlands and Poland edged up marginally.

Belgium, Finland, Greece, Norway, Russia and Sweden ended weak.

In the UK market, Bunzl climbed nearly 8% after the distribution and outsourcing group posted strong earnings and announced a share buyback plan.

Easyjet ended nearly 7% up. IAG gained about 2%. Whitbread, Antofagasta, Anglo American Plc, Entain, Rio Tinto, British American Tobacco, Natwest Group, BT Group and Vodafone gained 1 to 1.8%.

Barratt Developments lost 6.5%. Berkeley Group Holdings, Persimmon, Scottish Mortgage, JD Sports Fashion, Vistry Group, Burberry Group and Taylor Wimpey lost 3 to 4.3%.

Prudential, B&M European Value Retail, Ashtead Group, RightMove, Halma and Schrodders also ended notably lower.

In the German market, Puma rallied 3.4%. Continental gained about 2.7% and Adidas gained 2.2%. Brenntag, Sartorius, Munich RE, Commerzbank and Fresenius ended higher by 1 to 1.8%.

Vonovia, Zalando and Siemens Energy ended notably lower. Daimler Truck Holding closed weak as Goldman Sachs downgraded its rating on the stock to "neutral" from "buy".

In the French market, Carrefour gained about 2.3%. Societe Generale, Teleperformance, BNP Paribas, Capgemini, Stellantis, Publicis Groupe and Vivendi ended higher by 0.7 to 1.2%.

Hermes International ended down 2.7%. LVMH, Saint Gobain, Legrand and ArcelorMittal also ended notably lower.