The pan-European Stoxx 600 added 1.11% to reach 507.89, as the DAX advanced 1.58% to 18,142.58, CAC 40 rose 0.87% to settle at 8,110.41 and the FTSE 100 rose 0.26%, touching 8,044.81
European markets closed above the waterline on Tuesday, driven by positive survey data from the eurozone that bolstered investor sentiment.
The pan-European Stoxx 600 added 1.11% to touch 507.89, as the DAX in Germany advanced 1.58% to 18,142.58, while France’s CAC 40 rose 0.87% to settle at 8,110.41.
In London, the FTSE 100 managed a modest increase of 0.26%, touching 8,044.81.
London’s top-flight index hit a fresh record high during trading hours, beating its previous best-ever level set just a day earlier.
In currency markets, the euro was down 0.29% on sterling, trading at 86.01p while strengthening 0.38% against the dollar to change hands at $1.0696.
After yesterday’s strong session the FTSE 100 might have been forgiven for running into some early selling, according to IG chief market analyst Chris Beauchamp.
He added: But the index was able to reach a new peak before succumbing to some profit-taking in the afternoon session, though it remains up on the day overall.
Bank of England chief economist Huw Pill will take the blame for the weakness this afternoon, as he cautioned investors not to hope for rate cuts too soon, but the medium-term outlook for UK stocks continues to look brighter, he added.
Beauchamp added that US stocks were continuing to put last week’s low behind them, making further headway, with the Nasdaq 100 leading the way in percentage terms ahead of Tesla’s release later in the evening.
He said: The recent weakness in stocks appears to have cleared some of the froth off the market, trimming sentiment just in time for the all-important round of earnings from Big Tech.
