European Stocks Close Higher Ahead Of Key Economic Data

(RTTNews) - European stocks closed higher on Tuesday, with the German market closing at a record high, as investors kept a close on the political developments in France, and looking ahead to some key economic data from the U.S.

Mining, energy and technology stocks rising after new U.S. curbs on tech exports to China fell short of earlier proposals.

Investors also kept a close eye on the latest political developments in France as Prime Minister Michel Barnier braced for a no-confidence vote this week over a budget dispute.

After Barnier invoked a rarely used constitutional mechanism to push through the contentious 2025 budget without parliamentary approval, Marine Le Pen's far-right National Rally and the leftist New Popular Front both have filed no-confidence motions, setting the stage for a vote as early as Wednesday that could see Barnier's ouster.

The pan European Stoxx 600 gained 0.37%. The U.K.'s FTSE 100 climbed 0.56%, Germany's DAX closed up 0.42% and France's CAC 40 ended 0.26% up. Switzerland's SMI edged up marginally.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Portugal, Spain, Sweden and Turkiye closed on a positive note.

Poland and Russia ended weak.

In the UK market, Marks & Spencer, EasyJet, Rolls-Royce Holdings, Centrica, Fresnillo, RightMove, AstraZeneca, Kingfisher, Pershing Square Holdings, Antofagasta, B&M European Value Retail and Endeavor Mining gained 2 to 3.6%.

GSK, BP, ICG, Shell, Associated British Foods, IHG, Melrose Industries, Hikma Pharmaceuticals, Frasers Group, Glencore, Compass Group, Ashtead Group and Tesco closed up 1.2 to 2%.

Greencore Group shares soared nearly 13%. The sandwich and convenience food manufacturer has launched a 10-million-pound ($12.7 million) share buyback after posting a 36.1 percent increase in annual pre-tax profit.

BT Group ended down 2.61%. British American Tobacco, Schrodders, SSE, Standard Chartered, Berkeley Group Holdings, Sage Group, Prudential, Aviva, Convatec Group and Unilever closed lower by 1 to 2%.

In the German market, HeidelbergCement and Fresenius Medical Care both gained more than 3%. Deutsche Bank, Adidas, Zalando, Infineon, BASF, Fresenius, Rheinmetall, MTU Aero Engines and Siemens closed higher by 1 to 2.5%.

Sartorius ended down by about 2.7%. Mercedes-Benz and Symrise closed lower by about 2.1% and 2%, respectively. E.ON, Daimler Truck Holding and Porsche also ended weak.

In the French market, Safran, Saint-Gobain, Stellantis, Hermes International, Dassault Systemes, Airbus, Carrefour, Capgemini and Michelin gained 0.9 to 2.2%.

Orange closed down by about 3.2%. Edenred, Teleperformance, Eurofins Scientific, L'Oreal and Essilor lost 1 to 2.3%.

In economic news, data from the Federal Statistical Office showed that Switzerland's consumer price inflation rose marginally in November from a more than three-year low in October.

The consumer price index rose 0.7% on a yearly basis in November, following a 0.6% rise in the previous month, which was the lowest inflation since June 2021. The expected inflation rate was 0.8%.

On a monthly basis, consumer prices dropped at a stable rate of 0.1% in November, as expected. This was the third successive fall in a row.