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European stocks bounce back from Chinese selloff; Dax up 0.23%

Published 07/28/2015, 03:48 AM
Updated 07/28/2015, 03:48 AM
© Reuters.  European stocks regain ground after previous session's broad losses

© Reuters. European stocks regain ground after previous session's broad losses

Investing.com - European stocks were higher on Tuesday, as the previous session's upbeat data from Germany continued to support and as equities recovered from losses linked to a broad selloff on Chinese equity markets.

During European morning trade, the EURO STOXX 50 gained 0.41%, France’s CAC 40 rose 0.28%, while Germany’s DAX 30 added 0.23%.

The Ifo research institute reported on Monday that its business climate index rose to 108.0 from a reading of 107.5 in June, compared to expectations of 107.2.

Separately, European equities recovered from losses posted after stocks in Shanghai posted their largest one day decline in eight years on Monday and continued to fall on Tuesday, despite expectations for more government support.

Financial stocks were broadly higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) gained 0.49% and 0.54%, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) advanced 0.47% and 0.92%.

Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) climbed 0.86% and 0.96% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) rose 0.26% and 0.42%.

Elsewhere, Orange SA (PARIS:ORAN) rallied 1.27% after posting second-quarter profit that exceeded analysts' estimates.

On the downside, Michelin (PARIS:MICP) plunged 5.98% after Europe’s biggest tiremaker reported first-half operating profit below analysts’ estimates.

In London, FTSE 100 advanced 0.56%, helped by Hikma Pharmaceuticals PLC (LONDON:HIK), whose shares were up 5.94%, after the company agreed to buy Boehringer Ingelheim GmbH’s Roxane business for $2.65 billion in cash and stock.

GKN (LONDON:GKN) Plc soared 5.93% after agreeing to buy Dutch aerospace supplier Fokker Technologies Group B.V.

Financial stocks were also on the upside, as Lloyds Banking (LONDON:LLOY) edged up 0.13% and the Royal Bank of Scotland (LONDON:RBS) rose 0.26%, while Barclays (LONDON:BARC) gained 0.84% and HSBC Holdings (LONDON:HSBA) rallied 1.48%.

In the mining sector, stocks were broadly higher. Shares in Rio Tinto (LONDON:RIO) and Bhp Billiton (LONDON:BLT) climbed 0.70% and 0.80%, while rival company Glencore (LONDON:GLEN) jumped 1.12%.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.34% gain, S&P 500 futures signaled a 0.39% increase, while the Nasdaq 100 futures indicated a 0.31% rise.

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