European equities build momentum as traders wait for American tax bill

European equities build momentum as traders wait for American tax bill

On Tuesday, European equities followed American as well as Asian markets higher because market participants waited for a highly- anticipated American tax reform bill that looks nearly certain to be approved this week.

The pan-European STOXX 600 edged up 0.2% hitting a five-week maximum, maintaining Monday's momentum. However, revenues turned to be muted, with euro zone shares as well as blue-chips rallying 0.1%.

In the UK, FTSE 100 soared 0.3%, underpinned by its weighting towards defensive and high dividend-paying equities that traders favor when they feel uncertainty.

Chipmaker Dialog Semiconductor appeared to be the leading stock mover, ascending 7.7% after Tsinghua lifted its stake in the company further to 9%.

Tsinghua Unigroup has been contributing to its stake since Dialog equities dipped in November following news that the power management chip maker might be deprived of its key client, Apple.

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