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European Shares Edge Higher On Earnings

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European stocks were mostly higher on Tuesday, with encouraging economic data from Germany and upbeat corporate earnings supporting sentiment.

Overall gains remained limited as investors looked ahead to comments by a slew of central bankers this week for directional cues.

The pan-European Stoxx Europe 600 index was up 0.1 percent at 386.42 in late opening deals after losing 0.7 percent in the previous session to hit a seven-week low.

The German DAX was rising 0.3 percent, France's CAC 40 index was gaining 0.4 percent and the U.K.'s FTSE 100 was up 0.1 percent.

Germany

Manz rallied 4.5 percent. The high-tech equipment manufacturer affirmed its FY revenue outlook after narrowing its nine-month loss.

Bilfinger shares jumped nearly 5 percent. The engineering services firm posted its first organic rise in output volume after three years of decline.

Chipmaker Infineon Technologies climbed 4.2 percent after lifting dividend and saying it expects year-on-year revenue growth of about 9 percent, plus or minus 2 percentage points, for the 2018 fiscal year.

Henkel tumbled 3.3 percent. The company warned of difficult conditions in the consumer goods market and said "currency effects will have an increasingly negative impact".

France

Manufacturing group Alstom jumped over 4 percent on reporting a surge in first-half profit and affirming its 2020 outlook.

Insurer AXA edged up 0.3 percent after confirming its 2020 targets.

London

Tesco shares jumped advanced 4.6 percent. Its £3.7bn takeover of cash-and-carry group Booker has been provisionally cleared by the competition regulator. Booker also soared 5 percent.

Mobile giant Vodafone gained 4.4 percent after a positive trading update.

Housebuilder Bovis Homes rose 1.3 percent after a bullish trading update. "The demand for new homes continues to be robust across all our regions and customer interest remains good," the company said in a statement.

Technology firm Smiths Group dropped more than 1 percent after its first-quarter underlying revenue fell 2 percent.

Hikma Pharmaceuticals declined 1.6 percent after acquiring six products from
Boehringer Ingelheim.

Rest of Europe

Credit Suisse rose half a percent after it agreed to pay $135 million to resolve currency-manipulation allegations by the U.S. authorities.

Economic Releases

German consumer price inflation rose an annual 1.6 percent in October after rising 1.8 percent in September, final data from Destatis showed. A similar slower rate was last seen in June.

Separately, data published by the Federal Statistical Office revealed that German GDP grew 0.8 percent sequentially in the third quarter, faster than the 0.6 percent expansion logged in the second quarter. Economists forecast GDP growth to remain steady at 0.6 percent.

by RTT Staff Writer

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