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Eurozone indices hit nine-week highs

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  • 5 months ago
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Major European indexes rose on Tuesday, boosted by momentum from Wall Street’s positive start to the week, and with oil and bank stocks leading the way.

The Stoxx Europe 600 rose 0.7%, continuing Monday’s gains.

The FTSE 100 and Germany’s DAX 30 set the tone as they climbed by 1.2% to and 1% respectively.

France’s CAC 40 meanwhile, added 0.9% and Spain’s BEX grew by 0.5%.

The big oil companies made the big moves, with heavyweights BP PLC adding 4%, while Royal Dutch Shell and Tullow Oil increased 1.7% and 2%, respectively.

BP swung to a profit in the fourth quarter of 2018, beating analyst forecasts following a strong operating performance across all its business segments, and expects underlying production this year to rise above 2018 levels due to new projects.

Purchasing managers index data released on Tuesday showed that the eurozone did not contract in January, though the French and Italian economies remain weak.

 

Source: Smart Trend Team