Investing.com - European stocks opened higher on Tuesday, as the previous session’s downbeat manufacturing data added to expectations for more stimulus by the European Central Bank and as investors awaited the release of economic sentiment reports from Germany and the entire euro zone.
During European morning trade, the EURO STOXX 50 added 0.14%, France’s CAC 40 gained 0.35%, while Germany’s DAX 30 rose 0.22%.
Data on Tuesday showed that the preliminary reading of the euro zone composite purchasing managers’ index, which measures the combined output of both the manufacturing and service sectors, ticked down to a 16-month low of 52.9 from 53.0 in April.
Economists had expected the index to rise to 53.2.
Financial stocks were mixed, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) gained 0.39% and 0.17%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) lost 0.27% and 1.58%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) advanced 0.74% and 0.96% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) fell 0.14% and 0.66%.
Elsewhere, Bayer (DE:BAYGN) declined 0.57% a day after the German chemicals group offered to acquire Monsanto (NYSE:MON) for $122 per share in cash, valuing the U.S. company at $62 billion.
On the upside, Volkswagen (DE:VOWG_p) climbed 0.58% even as several investors on Monday called for an independent investigation of the automaker’s management and supervisory board in connection with the company’s emissions-cheating scandal.
In London, commodity-heavy FTSE 100 dipped 0.02%, weighed by losses in the mining sector.
Shares in Rio Tinto (LON:RIO) edged down 0.13% and Anglo American (LON:AAL) fell 0.28%, while Glencore (LON:GLEN) lost 0.99% and Bhp Billiton (LON:BLT) tumbled 1.21%.
Meanwhile, Kingfisher (LON:KGF) was one of the top performers on the index, with shares surging 2.08% after the home improvement retailer said it had made a solid start to its new financial year, with markets in Britain and Poland leading sales growth.
In the financial sector, stocks were mixed. HSBC Holdings (LON:HSBA) eased 0.08% and Barclays (LON:BARC) retreated 0.46%, while the Royal Bank of Scotland (LON:RBS) and Lloyds Banking (LON:LLOY) climbed 0.38% and 0.41% respectively.
In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a 0.09% rise, S&P 500 futures a 0.07% gain, while the Nasdaq 100 futures indicated a 0.05% uptick.