BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The majority of the European markets ended Tuesday's session in the green, adding to the gains from the previous session. The markets enjoyed a relief rally on Monday after geopolitical concerns eased and reports that the damage caused by Hurricane Irma was less than had been anticipated.
However, the UK markets bucked the overall trend in Europe on Tuesday. Data showed British consumer price inflation accelerated more than anticipated to hit the highest level in five years in August. The data has added pressure on the Bank of England to consider raising interest rates. The central bank is due to announce its policy decision on Thursday.
The pan-European Stoxx Europe 600 index advanced 0.55 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.50 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.50 percent.
The DAX of Germany climbed 0.40 percent and the CAC 40 of France rose 0.62 percent. The FTSE 100 of the U.K. declined 0.17 percent, but the SMI of Switzerland finished higher by 0.79 percent.
In Frankfurt, ThyssenKrupp increased 1.21 percent. The company said that a deal to merge its European steel business with that of Tata Steel could be struck this month.
Automaker Volkswagen gained 1.64 percent after reports that it plans to build electric versions of all 300 models by 2030.
In Paris, Crédit Agricole gained 1.50 percent after selling a 16.2 percent equity stake in Banque Saudi Fransi for 1.3 billion euros.
Virbac sank 16.27 percent after the veterinary pharmaceutical firm cut its full-year revenue outlook.
In London, JD Sports rallied 8.99 percent after reporting a big jump in sales in the first half of the year.
Ashtead Group shares jumped 4.93 percent. The industrial equipment rental firm expects an increase in demand for its fleet after Hurricanes Harvey and Irma hit the U.S.
Whitbread lost 0.48 percent after Citigroup downgraded its rating on the stock to 'Sell' from 'Buy.'
Novartis rose 1.29 percent in Zurich. Rituximab, made by its unit Sandoz, has been proposed as a biosimilar to Roche's reference medicine Rituxan, the Swiss pharmaceutical company said.
UK inflation climbed more-than-expected in August to its joint highest level in over five years, driven by strong increase in clothing and petrol prices, and added pressure on the Bank of England rate-setters to raise interest rates amid the Brexit-fueled economic uncertainty.
The consumer price index rose 2.9 percent year-on-year following 2.6 percent increase in July. Economists had forecast 2.8 percent inflation.
British house price inflation held steady in July after accelerating in the prior month, figures from the Office for National Statistics showed Tuesday. The house price index climbed 5.1 percent year-over-year in July, the same rate of rise as in June, which was revised up from a 4.9 percent increase reported earlier.
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