The European equity markets ended its four-day losing streak and opened on a positive note on Tuesday, now extending the rebound amid a solid rally staged by the mining, resource and energy stocks, in response to higher oil and metals’ prices.
Moreover, markets also cheer better-than expected UK CPI data, which rose to the highest levels since Nov 2014 and indicated that Brexit-related concerns appear to take back seat on investors’ minds. While European traders also react to mixed corporate earnings results released from across the Euro area economies today.
On the corporate news front, Remy Cointreau SA jumped 4.2% after its sales growth beat estimates. Bellway Plc led UK homebuilders higher, up 3% on better-than expected profit figures. Burberry Group Plc tumbled 6% after its wholesale revenue declined more than expected in H1 2016. Continental AG lost 3.3% as it lowered its annual profitability forecast.
Meanwhile, Germany's DAX 30 index rises +1.20% to 10,630, while the UK's FTSE 100 index gains +1.05% to, 7,020. Among the other indices, the French CAC 40 index advances +1.26% to 4,506, while the pan-European Euro Stoxx 50 index rebounds +1.32% to test 3050 levels.