European shares are moving higher mid-afternoon Tuesday, as investors switch their focus from politics to deals news and earnings. A rise in crude oil prices also helped to boost some stocks.
By around 1440 BST, the EUROSTOXX 600 was 0.46% in the green, while the EUROSTOXX 50 was up 0.44%. The German DAX gained 0.54%, the French CAC was 0.49% in positive territory and the Spanish IBEX rose 0.36%.
Deals new, earnings, in focus
Among the major movers Tuesday, are Smurfit Kappa shares. The stock surged 20.61% to £3,066 as the packaging firm rejected a “highly opportunistic” takeover offer from the International Paper Co.
Telecom Italia shares rose 6.20% to tradecat €0.77 after a Bloomberg report suggested a challenge to Vivendi’s leadership strategies was emerging from activist investor, Elliot Management.
Thales shares, meanwhile, were up 5.48% at €94.64, after its earnings release included news it had exceeded all of its financial objectives for 2017.
Autos shares also recovered from Monday’s declines, after US House of Representatives Speaker Paul Ryan warned against President Donald Trump’s trade tariff plans.
“We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan,” Ryan spokeswoman Ashlee Strong said.
BMW shares rose 0.83% to €84.18, Volkswagen shares were 3.06% higher at €158.24, Daimler shares gained 1.28% to trade at €68.17 and Peugeot shares climbed 0.73% to €19.33.
Oil price rises
An overnight increase in the price of crude oil has also proved supportive for European stocks, Tuesday. The oil price climbed amid concerns over lower supply of the precious commodity from Libya.
Against that backdrop, energy related stocks were also in the green, Tuesday.
Tullow Oil shares were up 3.47% at £189.10. However, Total SA shares were in the red, giving back gains after rising around 1% earlier in the session.