PARIS: European shares hit a one-month high on Tuesday, lifted by mining stocks, in an upbeat start to a week filled with economic data, including a closely-watched US inflation report.
The pan-European STOXX 600 index ended 0.6% higher, extending gains for the second straight day. France’s CAC 40 index closed up 0.9%, after hitting a record high.
Shares in miners rose 3.6%, logging their biggest one-day percentage gain in more than four months as a softer dollar helped drive gains in prices of base and precious metals.
Automakers rose too, with gains of 1.8%, while among individual stocks, UBS rose 1.1% after JP Morgan raised its target price.
Glencore rose 3.3% after the mining group proposed introducing a cash component to its $22.5 billion bid for Teck Resources.
European shares started 2023 on an upbeat note but came under selling pressure in the last two months with recent banking turmoil keeping risk sentiment fragile, while mixed economic data clouded the interest rate outlook.
Comments
Comments are closed.