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European Shares Mostly Higher On Growth Optimism

stockmarkets aug20 19jan21 lt

European stocks were broadly higher on Tuesday, with optimism about China's economy and expectations of improved earnings helping underpin sentiment.

Meanwhile, investors looked to comments from U.S. Treasury Secretary nominee Janet Yellen on U.S. stimulus at the Senate confirmation hearing later today.

According to a copy of her prepared remarks. Yellen will call on the federal government to "act big" to ramp up the recovery.

The pan European Stoxx 600 was marginally higher at 408.96 after closing up 0.2 percent on Monday. The German DAX held steady and the U.K.'s FTSE 100 inched up 0.2 percent, while France's CAC 40 index was down about 0.1 percent.

Sanofi advanced 1.9 percent. The French pharmaceutical company said that U.K.'s Medicines and Healthcare Products Regulatory Agency has granted a Promising Innovative Medicine to nirsevimab.

Speed-train maker Alstom rallied 3.5 percent after confirming full-year outlook and mid-term 2022/23 guidance.

Automakers were moving lower after industry data showed Europe's new car registrations continued to fall in December. Car registrations were down 3.3 percent on a yearly basis, but slower than the 12 percent fall logged in November.

TeamViewer gained 2.6 percent. The software company announced its acquisition of Xaleon, an Austrian startup and a provider of customer engagement software.

Lipidor AB, a Sweden-based lipid technology company, rose over 2 percent. The company said it has signed an exclusive licensing agreement with Cannassure Therapeutics Ltd., an Israel-based manufacturer of medicinal cannabis products.

Logitech gained 2.5 percent after the computer peripherals maker raised its annual forecasts for the third time and reported a nearly three-fold jump in quarterly adjusted operating income.

Rio Tinto rose half a percent after the mining giant reported a 1 percent lift in annual shipments of iron ore from its Australian mining hub. Glencore shares were up over 1 percent.

Gold mining company Centamin jumped nearly 3 percent after reporting gold production from the Sukari Gold Mine for the fourth quarter in-line with the quarterly guidance range.

Real estate investment trust Hammerson gained 1.4 percent after saying it has collected 41 percent of the rent due for the first quarter of 2021.

Construction company Kier Group soared 13 percent after reporting better trading over the last six months.

On the economic front, Germany's consumer prices declined in December, as initially estimated, final data from Destatis showed. The consumer price index decreased 0.3 percent year-on-year in December, same as seen in November.

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