Investing.com - European stocks opened higher on Tuesday, supported by hopes for fresh easing measures by the European Central Bank and as investors eyed data on economic sentiment in the euro zone due later in the day.
During European morning trade, the EURO STOXX 50 rose 0.22%, France’s CAC 40 gained 0.48%, while Germany’s DAX 30 added 0.17%.
European equities strengthened after ECB President Mario Draghi said on Monday that the central bank would not hesitate to act to boost euro zone growth and inflation, hinting at the possibility of further easing measures.
Sentiment also improved as oil prices soared nearly 6% on Tuesday following news that oil ministers from top producers Saudi Arabia and Russia will meet in Qatar later in the day, fueling speculation of a coordinated cut in crude output.
Financial stocks were mixed, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) eased up 0.01% and 0.07%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) tumbled 1.14% and 1.62%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) dropped 0.56% and 0.82% respectively, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) climbed 0.50% and 0.67%.
Elsewhere, Michelin (PA:MICP) surged 3.05% after the tiremaker reported a 13% increase in net profit in 2015 and said it expects demand for passenger car, light truck and truck tyres to continue to rise this year.
Orange SA (PA:ORAN) added to gains, with shares rallying 1.17% even after the telecoms company reported a 0.1% fall in 2015 revenues and said that discussions over the purchase of rival Bouygues (PA:BOUY)' telecoms unit would take "at least several weeks before any decision is taken".
In London, commodity-heavy FTSE 100 advanced 0.70%, boosted by gains in the mining sector.
Shares in Anglo American (L:AAL) jumped 2.61% and Rio Tinto (L:RIO) surged 2.93%, while rivals Glencore (L:GLEN) and Bhp Billiton (L:BLT) surged 3.36% and 4.43% respectively.
Earlier Tuesday, Anglo American posted a $5.62 billion net loss for 2015 and suspended its dividend, saying it would resume "with payout ratio when appropriate".
In the financial sector, stocks were steady to higher. HSBC Holdings (L:HSBA) dipped 0.02% and Barclays (L:BARC) climbed 0.68%, while Lloyds Banking (L:LLOY) advanced 1.30% and the Royal Bank of Scotland (L:RBS) rallied 1.76%.
In the U.S., equity markets pointed to a sharply higher open. The Dow Jones Industrial Average futures pointed to a 1.58% jump, S&P 500 futures a 1.59% rally, while the Nasdaq 100 futures indicated a 2.12% surge.