European shares rise, EUROSTOXX 600 edges closer to all-time high

European shares were in the green again Tuesday, as upbeat economic data supported industrials and telecoms business Altice’s US spin-off plans were welcomed. The positive tone follows a strong performance in the Asian stock markets overnight, where the Nikkei 225 hit a fresh 26-year high.

European shares rise, EUROSTOXX 600 edges closer to all-time high

European shares were in the green again Tuesday, as upbeat economic data supported industrials and telecoms business Altice’s US spin-off plans were welcomed. The positive tone follows a strong performance in the Asian stock markets overnight, where the Nikkei 225 hit a fresh 26-year high.

By 1315 BST, the EUROSTOXX 600 was 0.38% higher while the EUROSTOXX 50 had gained 0.25%. The German DAX was up 0.27%, the French CAC was 0.56% in the green and the Spanish IBEX 35 was 0.48% in positive territory.

Earlier in the session, the EUROSTOXX 600 touched a two-and-a-half year high and is moving closer to the all-time high level of the index of 414.06.

Industrials get a boost from German econ data

Industrial stocks helped drive European indices higher Tuesday. Stocks such as Siemens, which rose 0.68% to €121.82, were lifted after German industrial production data showed output surged 3.4% in November from October.

Meanwhile, news that the European unemployment rate fell to a nine year low in November, also buoyed investor sentiment. Eurostat data shows the euro zone jobless rate fell to 8.7% in November, the lowest rate since January 2009 and down from 8.8% in October.

Jobless details showed that youth unemployment declined further, good news for a region where just a few years ago many young people were forced to move overseas to secure work.

Separately, the German Government has raised its economic growth forecast for the country. It now expects 2018 GDP to expand 2%, up from its previous forecast for a 2% increase.

Stock movers

In other news, telecoms and cable firm Altice’s announcement it plans to spin-off Altice USA, pleased investors. Altice shares rose 10.52% to trade at €10.44.

Other share price gains of note included:

  • RWE shares +1.43% at €18.14.
  • Publicis shares gained 1.61% to €56.66.
  • Vivendi shares rose 2.27% to €24.36.
  • Morrisons shares were 1.54% higher at £230.40.
  • Marks and Spencer shares were 3.89% in the green at £322.90.
  • BNP Paribas shares rose 0.67% to trade at €64.93.

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