Thursday, March 28, 2024
HomemarketsEurope ekes out gains at the close, as retail, commodity stocks rise;...

Europe ekes out gains at the close, as retail, commodity stocks rise; political concerns ease

  • The U.K.'s FTSE 100 closed up 0.39 percent, while France's CAC 40 popped 0.32 percent. Germany's DAX, however, was closed Tuesday for a national holiday.
  • Spanish stocks were in focus on Tuesday due to political uncertainty in Catalonia.
  • Minutes from the Bank of England's last financial policy committee meeting revealed concerns over Brexit.

European stocks posted slight gains by the close on Tuesday as political concerns eased and investors digested new data releases.

The pan-European Stoxx 600 fluctuated throughout trade, before closing up 0.15 percent; as most sectors reversed losses to trade up in later trade.

The U.K.'s FTSE 100 closed up 0.39 percent, while France's CAC 40 popped 0.32 percent. Germany's stock exchanges, however, were closed Tuesday, for a national holiday.

Looking to peripheral bourses, the Spanish IBEX was one of the few indexes to see continued pressure throughout trade, closing just 0.02 percent up at the close, as political uncertainty in Catalonia lingered.

Concerns eased slightly after the government in Madrid said that it wants to work with other parties to resolve the issue of Catalan independence. However, the region, which accounts for about 19 percent of Spain's growth, is a massive political challenge for the country, Fitch said.

In the U.K., disappointing data had weighed on stocks in early trade, however a rise in London-listed basic resources and retail stocks allowed the FTSE to recover. The purchasing managers' index for the construction sector dropped to 48.1 from 51.1 the previous month, the first decline in activity in more than a year.

Meanwhile, minutes from the Bank of England's last financial policy committee meeting revealed concerns over Brexit. The decision to leave the European Union increases risks for British companies borrowing from European banks, they showed.

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