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European Shares Inch Higher In Cautious Trade

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European stocks rose to extend gains from the previous session on Tuesday, although the momentum appeared to have slowed somewhat after the Bank of Japan trimmed the size of its bond-repurchase offer in its latest market operation.

The pan-European Stoxx Europe 600 index was up 0.3 percent at 399.63 in late opening deals after rising 0.3 percent the previous day.

The German DAX was rising 0.2 percent, France's CAC 40 index was gaining half a percent and the U.K.'s FTSE 100 was moving up 0.3 percent.

Altice N.V. soared 6 percent. The telecom company's board has approved plans for the separation of Altice USA Inc. (ATUS) from Altice NV, which will be renamed "Altice Europe".

Biocartis Group N.V. rallied 3.5 percent after it signed a new companion diagnostic (CDx) development agreement with biotechnology company Amgen Inc.

Franco-Dutch airline Air France-KLM rose half a percent on reporting a 3.4 percent increase in passenger traffic for December 2017.

Morrison Supermarkets jumped 2.7 percent in London after it reported a better-than-expected performance over the festive period.

Tesco lost nearly 2 percent after its sales grew 3.1 percent in the 12 weeks to December 31, according to Kantar Worldpanel.

British American Tobacco rose over 1 percent on expectations that tax cuts in the U.S. will boost 2018 EPS.

On the economic front, German industrial output expanded 3.4 percent month-on-month in November, reversing a revised 1.2 percent drop in October, official data showed. Output was expected to grow 1.8 percent.

Another report revealed that German exports climbed 4.1 percent month-on- month in November, in contrast to a 0.3 percent drop registered in October. The rate exceeded the expected rate of 1.2 percent.

France's foreign trade gap widened in November, as exports fell faster than imports, data from the customs office showed.

The trade deficit rose to 5.7 billion euros in November from 5.3 billion euros in the previous month. Economists had expected the deficit to narrow to 4.7 billion euros.

by RTT Staff Writer

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