Investing.com - European stocks were higher on Tuesday, after the release of positive French consumer spending data and as sustained optimism over the U.S. economic recovery continued to support global equities.
Trading volumes were expected to remain light this week with many investors away for the Christmas holiday and ahead of the New Year's holiday.
During European morning trade, the EURO STOXX 50 advanced 0.42%, France’s CAC 40 climbed 0.53%, while Germany’s DAX 30 rose 0.31%.
Official data showed that French consumer spending rose 0.4% in November, beating expectations for a 0.3% gain. French consumer spending fell 0.8% in October, whose figure was revised from a previously estimated 0.9% decline.
Meanwhile, equity markets remained supported after the Federal Reserve said last week that it would be "patient" before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time."
The central bank also acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.
Financial stocks were mixed to lower, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) added 0.13% and 0.20%, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) slid 0.39% and 0.52%.
Among peripheral lenders, Italy's Unicredit and Intesa Sanpaolo fell 0.14% and 0.36% respectively, while Spanish banks BBVA and Banco Santander eased 0.04% and 0.12%.
Elsewhere, Nutreco NV (AMS:NUO) saw shares plunge 5.32% after Cargill Inc. pulled out of the race to acquire the Dutch animal-feed supplier.
In London, commodity-heavy FTSE 100 gained 0.62%, boosted by Tesco, up 2%, even as it was preparing to face a formal investigation over the retailer's £263 million overstatement of profits.
Financial stocks were steady to higher, as Lloyds Banking (LONDON:LLOY) and Barclays both inched up 0.05%, while HSBC Holdings (LONDON:HSBA) added 0.20% and the Royal Bank of Scotland (LONDON:RBS) climbed 0.49%.
Meanwhile, mining stocks were mixed. Shares in Rio Tinto slid 0.49% and Bhp Billiton dropped 0.84%, while Randgold Resources added 0.14% and Glencore Xstrata (LONDON:GLEN) rose 0.29%.
On the downside, Thorntons (LONDON:THT) dove 22.84% after the chocolate company forecast a drop in full-year profit, citing a "significant reduction" in indicated orders from the main supermarkets.
In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a 0.09% gain, S&P 500 futures signaled a 0.05% uptick, while the Nasdaq 100 futures indicated a 0.08% rise.
Later in the day, the U.S. was to release final third-quarter GDP data, as well as on core durable goods orders and new home sales.