European stocks rose on Tuesday, heading for a sixth straight session of gains as traders put aside trade war concerns for now and instead looked ahead to what is expected to be a positive earnings season.
U.K. politics were still in focus a day after two high-profile resignations from the cabinet sparked speculation about a fresh general election.
What are markets doing?The Stoxx Europe 600 index SXXP, +0.48% �rose 0.2% to 385.51, on track for its highest close since June 18, according to FactSet data. A win on Tuesday would mark a sixth gain in a row, for the longest winning streak since mid-March.
The U.K.��s FTSE 100 index UKX, +0.11% �added 0.1% to 7,695.91, while France��s CAC 40 index PX1, +0.62% �put on 0.4% to 5,416.97.
Germany��s DAX 30 index DAX, +0.62% �was up 0.1% at 12,553.58.
The euro EURUSD, -0.2301% �traded at $1.1725, down from $1.1733 on Monday, while the GBPUSD, -0.0830% �fell to $1.3247 from $1.3258.
What is driving the market?Tuesday��s advance was seen as a continuation of recent trading action, as investors put the U.S.-China trade spat on the back burner for now. Instead, investors are gearing up for the second-quarter earnings season, looking to U.S. corporates for a steer. The season there kicks off in earnest this week, with PepsiCo Inc. PEP, -1.64% �reporting on Tuesday and major banks JPMorgan Chase & Co. JPM, +3.09% �and Citigroup Inc. C, +2.68% �reporting on Friday.
In Europe, the recent political turmoil in the U.K. was still in focus after Foreign Secretary Boris Johnson and Brexit minister David Davis resigned on Monday. The moves were seen as making it more likely that Prime Minister Theresa May could face a leadership challenge and send U.K. voters to the polls at a crucial time in the Brexit negotiations with Brussels.
A general election in 2018 looked more likely after the resignations, with Betfair��s odds now implying a 40% probability of a vote this year compared with 17% before the weekend.
Read: Brexit turmoil: 4 things investors need to know
What are strategists saying?��Solid gains across markets yesterday have certainly set the tone for the week, and today��s mixed session thus far, with markets alternating between small gains and losses, suggests we are in for a ��digestion day�� as markets pause before moving higher,�� said Chris Beauchamp, chief market analyst at IG, in a note.
��For a second day the big worry of late, trade wars, has been mercifully quiet, which has certainly helped to buoy risk appetite,�� he added.
Economic newsEurozone house prices rose at the fastest pace in 11 years during the first three months of 2018, a development that is seen as further strengthening the case for the European Central Bank to end its massive easing program at the end of the year.
Meanwhile in the U.K., the Office for National Statistics for the first time ever released a monthly GDP figure instead of its usual quarterly numbers. The report showed the U.K. economy expanded 0.2% in the three months to May, up from flat growth in the three months to April.
Industrial production in France fell 0.2% in May from April, statistics agency Insee said, compared with forecasts for a 0.6% rise.
Stock moversShares of Danske Bank AS DANSKE, +1.43% �climbed 1.5% after Berenberg lifted the Danish lender to hold from sell, according to Dow Jones Newswires.
BMW AG BMW, +0.26% �slipped 0.4% after the German car maker said it will team up with Baidu Inc. K3SD, +0.00% �to develop autonomous-driving technology in China.
In the same vein, Continental AG CON, +0.48% �and Chinese ride-hailing company Didi Chuxing said they have formed a partnership to research and develop intelligent and connected vehicles. Continental shares were down 0.8%.
Volkswagen AG VOW3, -0.10% �fell 1% as the German car maker late Monday named Stefan Sommer to its management board as head of procurement.
Shares of TP ICAP PLC TCAP, -34.65% �sank 32% after the interdealer broker issued a profit warning for 2018 and said Chief Executive John Phizackerley has stepped down with immediate effect.
Tesco PLC TSCO, -1.58% TSCDY, +0.19% �dropped 1.2% after the U.K. supermarkets giant said its chief executive of Tesco U.K. & Republic of Ireland Charles Wilson will step down from the board due to health reasons.
Sara Sjolin Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.
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Comment Related Topics European Markets Europe Investing Stocks European Central Bank Quote References SXXP +1.84 +0.48% UKX +8.57 +0.11% PX1 +33.62 +0.62% DAX +78.15 +0.62% EURUSD -0.0027 -0.2301% GBPUSD -0.0011 -0.0830% PEP -1.80 -1.64% JPM +3.22 +3.09% C +1.80 +2.68% DANSKE +2.75 +1.43% BMW +0.21 +0.26% K3SD +0.00 +0.00% CON +0.95 +0.48% VOW3 -0.14 -0.10% TCAP -145.60 -34.65% TSCO -4.10 -1.58% TSCDY +0.02 +0.19% Show all references MarketWatch Partner Center Most Popular
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Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements. Advanced Search Stocks Columns Authors Topics No results found STOXX Europe 600 Index STOXX: SXXP 386.43 +1.84 (+0.48%) | Volume | 0 |
| Open | 385.17 |
| High | 386.71 |
| Low | 384.66 |
| P/E Ratio | 0 |
| Div Yield | 0 |
| Market Cap | N/A |
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