European equities conclude up

European equities conclude up

On Tuesday, European stocks concluded up, the Stoxx Europe 600 index tacked on to a 3-month maximum.

As a result of yesterday's trading, EU stock indexes tacked on because of several strong financial reports of companies and also due to corporate transactions. The weakening of the common currency after the publication of the downbeat statistical data from Germany also backed the markets, driving the stock quotes of exporters.

However, the French stock index concluded trading with a weaker soar than other major indicators because of the dive in the value of equities of Air-France-KLM.

The UK exchanges were unavailable yesterday because of the first May bank holiday.

The index of the leading enterprises of the Stoxx Europe 600 region gained 0.6% hitting 389.51, which appears to be the highest value since February 1, 2018.

The French CAC 40 index tacked on by 0.3%, Germany's DAX acquired 1%, while the Spanish IBEX 35 as well as the Italian FTSE MIB soared respectively 0.4% and 0.9%.

According to the Ministry of Economy of Germany, in March the volume of orders of industrial enterprises in this European country dived by 0.9% versus the previous month and soared by 3.1% in annual terms. Market experts had generally hoped for a soar of 0.5% in the monthly and also 5% in annual terms.

Against this background, the common currency has dived 0.2% versus the evergreen buck.

Yesterday, stock markets were underpinned by a soar in crude prices, provoked by worries of a probable US withdrawal from the agreement on Iran's nuclear program.

Equities in the Norwegian Statoil rallied 1.6%, Eni acquired 1.9%, while French Total SA managed to ascend by 0.8%.

Meanwhile, capitalization of the insurer Allianz SE tacked on 0.7% on news that the company is going to sells an 8.4% stake in Portuguese Banko BPI to Spanish CaixaBank for 178 million euros.

 

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