European stocks were moving higher on Tuesday, with 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 was up 0.6 percent at 516.41 after rising 0.7 percent on Monday.
The German DAX edged up by 0.3 percent, France’s CAC 40 added 0.7 percent and the U.K.’s FTSE 100 advanced 0.6 percent.
Miners Anglo American, Antofagasta and Glencore rallied 1-2 percent as commodity prices held an upward trend amid U.S. President-elect Donald Trump’s tariff statements.
Greencore Group shares were up nearly 10 percent. 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.
Energy giant BP Plc rose about 2 percent and peer Shell gained 1.6 percent.
HgCapital Trust rose about 1 percent after it has agreed to sell Dext Software Ltd., a bookkeeping automation platform provider, to IRIS Software Group.
Wizz Air Holdings jumped 2.3 percent after announcing it carried more passengers in November despite capacity issues.
Technology stocks traded higher, with Infineon and ASM International rising around half a percent each after sharp gains in technology stocks pulled Wall Street to another record finish overnight.
SAP, which has surpassed Dutch chip equipment maker ASML in market valuation, was also moving higher.
STMicroelectronics N.V., a Swiss semiconductor maker, rose about half a percent after it announced a multi-year deal with Renault Group for supplying Silicon Carbide or SiC power modules. Shares of the latter were up 1 percent.
Assa Abloy, a Swedish maker of products related to locks, doors, gates, and others, gained 1 percent after it acquired 9Solutions.
Worldline SA shares were up 1 percent in Paris, extending gains from the previous session after the payments group attracted takeover interest from private equity firms.
Market Analysis
European Shares Gain With French Political Crisis In Focus
2024-12-03 09:43:00
