Investing.com - European stock markets were sharply higher on Tuesday, as hopes for more steps to bolster growth in China and in the euro zone boosted investor confidence, despite ongoing worries over a possible Greek exit from the single currency bloc.
During European morning trade, the EURO STOXX 50 climbed 0.90%, France’s CAC 40 advanced 0.80%, while Germany’s DAX 30 jumped 0.97%.
Market sentiment found support after Chinese state-run newspaper China Securities Journal said that the nation plans to speed up the approval of infrastructure construction projects to boost economic growth.
Meanwhile, investors were eyeing a meeting of European leaders on Wednesday, with hopes they may agree on measures to bolster investor confidence in the single currency bloc.
France's new President Francois Hollande is expected to push for a joint euro zone bond at the EU meeting, a measure backed by Italy, Spain and the European Commission but opposed by Germany.
Financial stocks were broadly higher, led by Italian lenders as shares in Intesa Sanpaolo jumped 1.94%, still riding on the 22% first-quarter net profit rise announced last week, while Unicredit rallied 1.69%.
France’s Societe Generale and BNP Paribas also gained 1.35% and 0.78% respectively, while Germany’s second largest bank, Commerzbank, climbed 1.53%.
Auto makers added to gains with shares in Volkswagen surging 2.51%, as the company continues to challenge Japan’s Toyota Motor Corp. for a slice of a small but expanding market of light commercial vehicles in Latin America.
Daimler was up 1.77% and BMW soared 2.09%, while France’s Renault and Peugeot climbed 2.50% and 1% respectively.
In London, commodity-heavy FTSE 100 advanced 0.86%, supported by strong gains in mining stocks.
Shares in Rio Tinto surged 3.49% after agreeing on Monday to sell its wire and cable business to General Cable Corp for USD185 million in cash.
Meanwhile, Bhp Billiton jumped 2.81% and Anglo American climbed 2.33%, while copper producers Xstrata and Kazakhmys saw shares rise 2.74% and 2.81% respectively.
Financials were also on the upside. Shares in the Royal Bank of Scotland surged 3.08% and Lloyds Banking added 2.88%, while Barclays advanced 1.28% and HSBC Holdings rose 0.79%.
Elsewhere, telecommunications giant Vodafone climbed 1.55% after posting full-year operating profit that met analysts’ estimates.
Irish building material group CHR plc also jumped 2.53% after the shares were upgraded at Credit Suisse Group AG.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to rise of 0.13%, S&P 500 futures signaled a 0.14% gain, while the Nasdaq 100 futures indicated a 0.15% increase.
Later in the day, the U.S. was to release industry data on existing home sales.
During European morning trade, the EURO STOXX 50 climbed 0.90%, France’s CAC 40 advanced 0.80%, while Germany’s DAX 30 jumped 0.97%.
Market sentiment found support after Chinese state-run newspaper China Securities Journal said that the nation plans to speed up the approval of infrastructure construction projects to boost economic growth.
Meanwhile, investors were eyeing a meeting of European leaders on Wednesday, with hopes they may agree on measures to bolster investor confidence in the single currency bloc.
France's new President Francois Hollande is expected to push for a joint euro zone bond at the EU meeting, a measure backed by Italy, Spain and the European Commission but opposed by Germany.
Financial stocks were broadly higher, led by Italian lenders as shares in Intesa Sanpaolo jumped 1.94%, still riding on the 22% first-quarter net profit rise announced last week, while Unicredit rallied 1.69%.
France’s Societe Generale and BNP Paribas also gained 1.35% and 0.78% respectively, while Germany’s second largest bank, Commerzbank, climbed 1.53%.
Auto makers added to gains with shares in Volkswagen surging 2.51%, as the company continues to challenge Japan’s Toyota Motor Corp. for a slice of a small but expanding market of light commercial vehicles in Latin America.
Daimler was up 1.77% and BMW soared 2.09%, while France’s Renault and Peugeot climbed 2.50% and 1% respectively.
In London, commodity-heavy FTSE 100 advanced 0.86%, supported by strong gains in mining stocks.
Shares in Rio Tinto surged 3.49% after agreeing on Monday to sell its wire and cable business to General Cable Corp for USD185 million in cash.
Meanwhile, Bhp Billiton jumped 2.81% and Anglo American climbed 2.33%, while copper producers Xstrata and Kazakhmys saw shares rise 2.74% and 2.81% respectively.
Financials were also on the upside. Shares in the Royal Bank of Scotland surged 3.08% and Lloyds Banking added 2.88%, while Barclays advanced 1.28% and HSBC Holdings rose 0.79%.
Elsewhere, telecommunications giant Vodafone climbed 1.55% after posting full-year operating profit that met analysts’ estimates.
Irish building material group CHR plc also jumped 2.53% after the shares were upgraded at Credit Suisse Group AG.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to rise of 0.13%, S&P 500 futures signaled a 0.14% gain, while the Nasdaq 100 futures indicated a 0.15% increase.
Later in the day, the U.S. was to release industry data on existing home sales.