European Stocks Close Higher On Russia-Ukraine Peace Deal Hopes

(RTTNews) - European stocks closed higher on Tuesday as the mood remained positive amid optimism over a potential Russia-Ukraine peace deal, after U.S. President Donald Trump described his meeting with Ukrainian President Volodymyr Zelenskyy and several other European leaders as "very good".

Trump also said that he's begun arranging a meeting between Zelenskyy and Russian President Vladimir Putin within the next couple of weeks.

Zelensky said he is open to "any format" of talks and would decide on the trilateral meeting based on how the first round goes.

Investors also looked ahead to Federal Reserve's Jackson Hole Symposium in Wyoming, which gets underway on Thursday.

The pan European Stoxx 600 climbed 0.69%. The U.K.'s FTSE 100 gained 0.34%, Germany's DAX ended 0.45% up, and France's CAC 40 closed up by 1.21%, while Switzerland's SMI settled higher by 1.16%.

Among other markets in Europe, Denmark, Finland, Greece, Ireland, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkiye closed higher.

Belgium and Iceland ended weak, while Czech Republic closed flat.

In the UK market, JD Sports Fashion climbed about 7%. Marks & Spencer, Persimmon, Next, IMI, Diageo, Bunzl, Kingfisher, WPP and Mondi gained 2 to 3.5%.

Spirax Group, Barratt Redrow, Howden Joinery, Anglo American Plc, Croda International, Tesco, Taylor Wimpey, DCC, Weir Group and Intercontinental Hotels Group also closed sharply higher.

British healthcare estate investor Assura Plc shares gained more than 1.3% as Ed Smith stepped down as chairman of the board after seven years in the role.

Babcock International tumbled 7.45%. Fresnillo, BAE Systems, Rolls-Royce Holdings and Endeavour Mining lost 2 to 4.2%.

BT Group, Airtel Africa, Severn Trent, United Utilities and Melrose Industries also ended notably lower.

International Workplace Group shares tanked nearly 17% after the office space provider reported a dip in first-half revenue.

In the German market, Puma, Porsche and Zalando gained 3.7 to 4.5%. BASF, Brenntag, Deutsche Post, Continental, Mercedes-Benz, Symrise, Commerzbank, BMW, Daimler Truck Holding, Volkswagen and Siemens climbed 2 to 3%.

Rheinmetall tumbled 5%. Siemens Energy closed down 2.4%, while Vonovia, E.ON and Deutsche Boerse closed modestly lower.

In the French market, Capgemini, Pernod Ricard, Stellantis, Publicis Groupe, Renault and Saint Gobain gained 3 to 3.5%. Kering and LVMH climbed nearly 3%.

ArcelorMittal, Michelin, Schneider Electric, Air Liquide, L'Oreal, Carrefour, Essilor, Hermes International, Veolia Environment, TotalEnergies and Teleperformance also posted strong gains.

On the economic front, data from the European Central Bank showed the euro area current account surplus rose to one-year high in June, climbing to EUR 36 billion from EUR 32 billion in May.

The surplus on goods trade fell to EUR 23 billion from EUR 33 billion, while the surplus on services increased to EUR 16 billion from EUR 14 billion in May.

In the twelve months to June, the current account surplus totaled EUR 318 billion or 2% of euro area GDP, which was below EUR 386 billion or 2.6% a year earlier.