European Stocks Close Broadly Higher Ahead Of Key Data, Policy Meetings
![European Stocks Close Broadly Higher Ahead Of Key Data, Policy Meetings European Stocks Close Broadly Higher Ahead Of Key Data, Policy Meetings](https://static.mfbcdn.net/images/news/27050/desktop.webp)
(RTTNews) - European stocks closed higher on Tuesday with investors digesting some earnings and economic data, and awaiting further data and monetary policy announcements from the Federal Reserve, the Bank of England and the Bank of Japan.
Germany's DAX and France's CAC 40 climbed 0.49% and 0.42%, respectively. The U.K.'s FTSE 100 ended down 0.22%, and Switzerland's SMI gained 0.55%. The pan European Stoxx 600 ended flat.
Among other markets in Europe, Austria, Belgium, Netherlands, Russia, Spain and Sweden ended higher.
Greece, Poland, Portugal and Turkiye closed weak, while Iceland and Norway ended flat.
In the UK market, Standard Chartered rallied nearly 6%. The Asia-focused bank announced a $1.5 billion share buyback after delivering stronger-than-expected second-quarter profit.
Burberry Group and Weir Group gained 3.7% and 3.63%, respectively. Admiral Group, Beazley, Endeavour Mining, Marks & Spencer, Next, LondonMetric Property, Reckitt Benckiser, Pershing Square Holdings, Melrose Industries, RightMove, Auto Trader Group, Schrodders, Intertek Group, Sainsbury, M&G, WPP and Halma gained 1 to 2.5%.
Ocado Group ended 6% down. The online supermarket and technology group is extending the maturity of its debt to fund its growth plans.
Convatec Group, Entain and Diageo ended down 5.8%, 5.4% and 5.1%, respectively. Diageo dropped after the company missed FY profit forecasts.
Croda International, Anglo American Plc, Lloyds Banking Group, Prudential, Mondi, AstraZeneca, Natwest Group, Rio Tinto and GSK lost 1.4 to 3.2%.
Glencore declined sharply after the company reported production falls in its main commodities for the first half of the year.
In the German market, Sartorius climbed 3.7%. Deutsche Bank, MTU Aero Engines, Vonovia, Covestro, Hannover Rueck, Munich RE, Commerzbank, Symrise, Rheinmetall, Allianz, Deutsche Boerse and Deutsche Post gained 1 to 2.1%.
Fresenius Medical Care dropped about 4.5%. The dialysis specialist cut the outlook for volumes in its key U.S. market.
Siemens Healthineers and Henkel lost 1.3% and 1.25%, respectively. HeidelbergCement, BASF, SAP and Mercedes-Benz closed moderately lower.
In the French market, Safran, Airbus Group, Essilor, Accor, Renault, Teleperformance, Kering, Thales, AXA, Bouygues, Air Liquide, Vinci, Saint-Gobain, Societe Generale and Eurofins Scientific posted sharp to moderate gains.
STMicroElectronics and Pernod Ricard both lost more than 2%. Schneider Electric, Publicis Groupe, Stellantis, Vivendi and ArcelorMittal ended down 0.6 to 1%.
In economic news, the euro area economy logged a steady growth in the second quarter despite an unexpected contraction in Germany, official data showed.
Gross domestic product advanced 0.3% in the three months to June, which was similar to the first quarter growth, preliminary flash estimate published by Eurostat showed.
Eurozone economic confidence dropped slightly in July, monthly survey results from the European Commission showed. The economic sentiment index fell to 95.8 in July from 95.9 in the previous month. However, the score was above forecast of 95.4.
France's economy posted a faster-than-expected growth in the second quarter on investment and exports, the first estimate from the statistical office INSEE showed.
Gross domestic product expanded 0.3% sequentially, beating expectations for a growth of 0.2%. The rate matched the 0.3% growth logged in the first quarter, which was revised up from 0.2%.
Germany's economy contracted unexpectedly in the second quarter largely due to weak investment. Gross domestic product shrank 0.1% on a quarterly basis in the second quarter, reversing the first quarter's 0.2% expansion, preliminary data from Destatis showed on Tuesday.
Consumer price inflation in Germany unexpectedly increased in July and the core figure remained stubbornly high as well as way above the European Central Bank's 2% target amid the persistence of sticky services inflation and cast doubts on the chances of an interest rate cut in September.