Investing.com – European stocks ended modestly higher on Tuesday, erasing early losses after better-than-expected data on U.S. retail sales eased concerns over a slowdown in the rate of global economic growth.
At the close of European trade, the EURO STOXX 50 was up 0.03%; France’s CAC 40 was up 0.14% and Germany's DAX gained 0.24%.
Earlier in the day, official data showed that U.S. retail sales rose more-than-expected in August, climbing for the second month. The U.S. Census Bureau said that retail sales rose by a seasonally adjusted 0.40% in August, after rising by a revised 0.30% in July.
Analysts had expected retail sales to increase by 0.30% in August.
In the corporate sector, shares in Dutch electronics company Philips fell 3.9% after it unveiled growth targets which analysts said were more cautious than expected. The company abandoned earlier sales targets after the recent global financial crisis.
In London, the FTSE 100 climbed 0.08% after official data showed that consumer price inflation in the U.K. was unchanged in August.
Across the Atlantic, U.S. markets also eased higher: the Dow Jones Industrial Average was up 0.21%; the S&P 500 index climbed 0.21% and the Nasdaq Composite index gained 0.32%.
Earlier Tuesday, data showed that Germany's ZEW index of economic sentiment fell to its lowest level in 19-months, while a separate report showed that industrial production in the euro zone was flat in July.
At the close of European trade, the EURO STOXX 50 was up 0.03%; France’s CAC 40 was up 0.14% and Germany's DAX gained 0.24%.
Earlier in the day, official data showed that U.S. retail sales rose more-than-expected in August, climbing for the second month. The U.S. Census Bureau said that retail sales rose by a seasonally adjusted 0.40% in August, after rising by a revised 0.30% in July.
Analysts had expected retail sales to increase by 0.30% in August.
In the corporate sector, shares in Dutch electronics company Philips fell 3.9% after it unveiled growth targets which analysts said were more cautious than expected. The company abandoned earlier sales targets after the recent global financial crisis.
In London, the FTSE 100 climbed 0.08% after official data showed that consumer price inflation in the U.K. was unchanged in August.
Across the Atlantic, U.S. markets also eased higher: the Dow Jones Industrial Average was up 0.21%; the S&P 500 index climbed 0.21% and the Nasdaq Composite index gained 0.32%.
Earlier Tuesday, data showed that Germany's ZEW index of economic sentiment fell to its lowest level in 19-months, while a separate report showed that industrial production in the euro zone was flat in July.