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(Reuters) – European stocks rose on Tuesday as Zalando's optimistic results boosted the retail sector and statistics from China boosted hopes of stabilizing the world's second-largest economy.
The pan-European STOXX 600 index rose 0.3% at 07:35 GMT, up for the fifth day. Most of the stock markets in the region have progressed and the German DAX in the lead.
Zalando jumped more than 10%, making it the best performance on the STOXX and DAX, after the online trading company announced its intention to generate operating profit for the first quarter.
The Tenaris steel pipe manufacturer also dominated the pan-regional index after an Argentinian court overturned a ruling against the company's general manager and president. The largest Italian bank, UniCredit SpA, gained ground after the lender and its two subsidiaries agreed to pay US $ 1.3 billion to the US authorities to address US sanctions violations. to Iran and to other countries.
The G4S security company grew 1% after posting a 4.8% rise in revenue in the first quarter and said it had made good progress in revising its cash separation business.
Italian utilities Ascopiave advanced after A2A and other utilities launched a non-binding joint offer for its badets. At the other end of the index, Lufthansa sold 2%, after the first German airline recorded a loss in the first quarter, penalized by rising fuel costs and overcapacity in Europe.
Ryanair Holdings and Air France KLM SA lost more than 1% each.
Hays Plc fell 6.2% as organic growth in the UK recruiting company slowed in Australia and Germany in the third quarter.
Oil stocks, including BP, Total and Royal Dutch Shell, were the main weighting factors for the STOXX 600, due to lower crude oil prices. [O/R]
Investors breathed a sigh of relief last week after central banks in the United States and Europe maintained their accommodative stance and British legislators got an extension on their country's exit from the country. 39, European Union.
Signs that Sino-Chinese trade talks are in their final phase have contributed to the recent good mood. Closer to home, the EU Trade Commissioner said Monday night that the European Union is ready to begin negotiations on a trade agreement with the United States and intends to reach an agreement before the end of the year.
The volatility index of STOXX 50, the main indicator of market anxiety in Europe, has fallen in the last five sessions to its lowest level in nearly nine months.
(Report by Medha Singh and Susan Mathew in Bengaluru, edited by Andrew Heavens)
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