Investing.com - European stocks remained higher on Tuesday, despite the release of disappointing economic data from Germany, as investors remained focused on the upcoming U.S. Presidential vote.
During European afternoon trade, the EURO STOXX 50 climbed 0.69%, France’s CAC 40 advanced 0.67%, while Germany’s DAX 30 rose 0.65%.
Official data showed that German factory orders dropped 3.3% in September, compared to expectations for a 0.5% decline, adding to concerns over the impact of the region’s debt crisis on the bloc’s largest economy.
Markets were also jittery ahead of Wednesday’s parliamentary vote in Greece on new austerity measures needed for Athens to secure its next installment of international aid.
But trade was subdued as investors adopted a wait-and-see approach ahead of the start of voting in the U.S. presidential elections later in the day, with polls pointing to a tight race between incumbent President Barack Obama and Republican contender Mitt Romney.
Financial stocks extended earlier gains, as shares in French lenders BNP Paribas and Societe Generale surged 1.84 and 2.58%, while Germany's Deutsche Bank and Commerzbank rallied 1.82% and 2.11%.
Peripheral lenders added to gains, with Italian banks Unicredit and Intesa Sanpaolo climbing 1.09% and 0.97%, while Spain's Banco Santander and BBVA added 0.70% and 0.28% respectively.
Meanwhile, Adecco soared 3.70% as the world’s biggest supplier of temporary workers reported earnings that exceeded estimates.
In London, FTSE 100 advanced 0.67%, as U.K. lenders pushed higher, while data showed that U.K. manufacturing production rose less-than-expected in September.
Shares in HSBC Holdings added 0.17% and the Royal Bank of Scotland jumped 1.30%, while Barclays rallied 1.77% and Lloyds Banking surged 3.20% after earlier saying that its bill for mis-selling payment protection insurance had increased by a further GBP1 billion.
Commodity-linked stocks added to gains, as mining giants Rio Tinto and BHP Billiton advanced 1.45% and 0.38%, while copper producers Xstrata and Kazakhmys climbed 0.94% and 0.56% respectively.
Elsewhere, ARM Holdings surged 3.45% as Apple was said to consider ways to replace Intel Corp. processors in its personal computers.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.30% rise, S&P 500 futures signaled a 0.32% gain, while the Nasdaq 100 futures indicated a 0.43% increase.
Also Tuesday, data showed that the final euro zone services purchasing managers’ index declined to 46.0 in October, down from a preliminary reading of 46.2, the fastest pace of contraction since July 2009, as output continued to contract in the region’s top four economies.
During European afternoon trade, the EURO STOXX 50 climbed 0.69%, France’s CAC 40 advanced 0.67%, while Germany’s DAX 30 rose 0.65%.
Official data showed that German factory orders dropped 3.3% in September, compared to expectations for a 0.5% decline, adding to concerns over the impact of the region’s debt crisis on the bloc’s largest economy.
Markets were also jittery ahead of Wednesday’s parliamentary vote in Greece on new austerity measures needed for Athens to secure its next installment of international aid.
But trade was subdued as investors adopted a wait-and-see approach ahead of the start of voting in the U.S. presidential elections later in the day, with polls pointing to a tight race between incumbent President Barack Obama and Republican contender Mitt Romney.
Financial stocks extended earlier gains, as shares in French lenders BNP Paribas and Societe Generale surged 1.84 and 2.58%, while Germany's Deutsche Bank and Commerzbank rallied 1.82% and 2.11%.
Peripheral lenders added to gains, with Italian banks Unicredit and Intesa Sanpaolo climbing 1.09% and 0.97%, while Spain's Banco Santander and BBVA added 0.70% and 0.28% respectively.
Meanwhile, Adecco soared 3.70% as the world’s biggest supplier of temporary workers reported earnings that exceeded estimates.
In London, FTSE 100 advanced 0.67%, as U.K. lenders pushed higher, while data showed that U.K. manufacturing production rose less-than-expected in September.
Shares in HSBC Holdings added 0.17% and the Royal Bank of Scotland jumped 1.30%, while Barclays rallied 1.77% and Lloyds Banking surged 3.20% after earlier saying that its bill for mis-selling payment protection insurance had increased by a further GBP1 billion.
Commodity-linked stocks added to gains, as mining giants Rio Tinto and BHP Billiton advanced 1.45% and 0.38%, while copper producers Xstrata and Kazakhmys climbed 0.94% and 0.56% respectively.
Elsewhere, ARM Holdings surged 3.45% as Apple was said to consider ways to replace Intel Corp. processors in its personal computers.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.30% rise, S&P 500 futures signaled a 0.32% gain, while the Nasdaq 100 futures indicated a 0.43% increase.
Also Tuesday, data showed that the final euro zone services purchasing managers’ index declined to 46.0 in October, down from a preliminary reading of 46.2, the fastest pace of contraction since July 2009, as output continued to contract in the region’s top four economies.