European Stocks Close Higher Again

(RTTNews) - European markets closed higher on Tuesday, extending gains from the previous session, as investors picked up stocks ahead of some crucial economic data from Europe and the U.S.

Investors digested the latest batch of economic data and corporate earnings updates, and continued to assess the likely interest rate moves by global central banks.

Euro zone bond yields slipped ahead of data on U.S. job openings that might provide additional clues on the Federal Reserve's rate trajectory.

Investors also await Chinese PMI data and readings on U.S. inflation, GDP and nonfarm payrolls this week for further clarity on the global economic outlook.

The pan European Stoxx 600 gained 0.97%. The FTSE 100 surged 1.72% with the London market opening after a long weekend, catching up with other European markets. Germany's DAX and France's CAC 40 climbed 0.88% and 0.67%, respectively. Switzerland's SMI also ended 0.67% up.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Portugal, Russia, Spain and Sweden closed higher.

Greece, Iceland, Norway and Poland edged up marginally, while Turkiye ended weak.

In the UK market, Ocado Group, Persimmon and Smith (DS) gained 5.1 to 5.5%.

Rolls-Royce Holdings, Johnson Matthey, Smurfit Kappa Group, JD Sports Fashion, Antofagasta, Kingfisher, Baclays, Croda International, Scottish Mortgage and Prudential climbed 4 to 5%.

Bunzl climbed 5% after the business supplies distributor said it expects its adjusted operating profit for 2023 to be moderately higher than 2022 at constant exchange rates.

Airtel Africa, Fresnillo, Barratt Developments, RS Group, Natwest Group, Legal & General and Schrodders also moved up sharply.

In the German market, Zalando, Vonovia, Energizer Holdings, Porsche, Symrise, Adidas and Puma climbed 2 to 3.1%.

Infineon, Siemens, Sartorius, Commerzbank, Deutsche Bank, Merck, BASF, RWE, Heico, Covestro and Bayerische Motoren Werke gained 1 to 2%.

In Paris, Unibail Rodamco, STMicroElectronics, Capgemini, Stellantis, LVMH, Michelin, Engie, Dassault Systemes, Credit Agricole, Kering, Hermes International and ArcelorMittal advanced 1 to 2%.

On the economic front, consumer sentiment in Germany is set to erode in September as both income and economic expectations of households weakened, further confirming the view that private consumption is unlikely to make any positive contribution to GDP this year, survey results from the market research firm GfK showed.

The forward-looking consumer confidence index fell to -25.5 for September from a revised -24.6 in August. Economists had forecast a reading of -24.3.

Sentiment among the French consumers was unchanged for the second month in a row in August as their expectations regarding the future financial situation and standard of living weakened, and unemployment fears increased, survey results from the statistical office INSEE showed.

The consumer confidence index held steady at 85, where it has been since June. The outcome was in line with economists' expectations.

The score remained well below its long-term average of 100 logged between January 1987 and December 2022.