Investing.com - European stocks rose for a second session on Tuesday, recovering from one month lows amid a slew of mixed earnings, as investors digested the results from the Eurogroup meeting over Greece and oil rebounded after Monday’s slump.
During European morning trade, the EURO STOXX 50 rose 1.70%, France’s CAC 40 gained 1.20%, while Germany’s DAX 30 traded up 1.20%.
In European data, March industrial production missed consensus in Germany, France and Italy, with mixed news on the German trade balance.
The motor of euro zone economy saw exports surprise with a solid jump, but imports fell much more than expecting, causing concern over the state of German domestic demand.
Market participants also digested with mixed feelings the progress on Greece. Euro zone finance ministers discussed the possibility of debt relief with conditions for Athens, but final decisions on whether to unlock the next tranche of €5 billion in aid were once again pushed back to the next meeting of the Eurogroup on May 24.
Meanwhile, oil prices moved higher on Tuesday, rebounding from the prior session’s 2.7% drop, as market players continued to weigh supply disruption in Canada and waited for fresh weekly information on U.S. stockpiles of crude and refined products.
In European equities, energy stocks were mixed, as French oil and gas major Total SA (PA:TOTF) gained 0.81% and Italy’s ENI (MI:ENI) SpA rose 0.90%, while Norwegian rival Statoil ASA (OL:STL) lost 0.30%.
Financial stocks added to gains, as Credit Suisse (SIX:CSGN) surged almost 6% after reporting a less-than-expected loss.
ING Groep NV (AS:ING) also rose 4% after its own quarterly earnings, though French lender Natixis (PA:CNAT) tumbled almost 10% after reporting an annual drop of 30% in profit for the first three months of the year.
French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) climbed 1.31% and 2.05%, respectively, while Germany’s Deutsche Bank (DE:DBKGn) gained 2.87%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) rose 1.61% and 1.67% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) rallied 1.68% and 2.12%.
In other earnings news, Nokia (HE:NOKIA) slumped 3% after reporting worse than expected sales, while Thyssenkrupp AG O.N. (DE:TKAG) and Muench. Rueckvers. VNA O.N. (DE:MUVGn) traded down 5% and 3%, respectively after launching profit-warnings.
In London, FTSE 100 rose 0.72%, with EasyJet PLC (LON:EZJ) 2.72% rise contributing to the upward move after the airline as the budget airline revealed plans to increase dividends despite slipping to a loss in six months ending on March 31.
Mining stocks were mixed. Anglo American (LON:AAL) and BHP Billiton (LON:BLT) edged up 0.39% and 0.32%, respectively, while Glencore (LON:GLEN) fell 0.98% and shares in Rio Tinto (LON:RIO) slipped 0.20%.
Financial stocks generally added to gains, with the Royal Bank of Scotland (LON:RBS) gaining 1.27% while Lloyds Banking (LON:LLOY) rose 1.13%, HSBC Holdings (LON:HSBA) advanced 1.43%. Barclays (LON:BARC) led the banks with gains of 2.30%.
In other global stock markets, Chinese stocks slipped after April inflation data sparked a debate on the need for more easing.
Meanwhile, the Nikkei closed up 2.15%, its largest gain in three weeks as the yen weakened against the dollar.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.64% gain, S&P 500 futures a 0.66% increase, while the Nasdaq 100 futures indicated a 0.61% advance.