BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets inched higher in relatively lackluster trade Tuesday, extending their gains from the previous session. The markets were stuck in a sideways pattern throughout the trading day.
Traders were pleased with some strong economic data from Germany Tuesday, but remain in a cautious mood ahead of the start of the U.S. earnings reporting season later this week. The lack of U.S. economic data and the subdued opening on Wall Street also contributed to the rather restrained trade among investors.
The pan-European Stoxx Europe 600 index advanced 0.41 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.18 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.34 percent.
The DAX of Germany climbed 0.13 percent and the CAC 40 of France rose 0.67 percent. The FTSE 100 of the U.K. gained 0.45 percent and the SMI of Switzerland finished higher by 0.73 percent.
In Paris, Air France-KLM fell 0.59 percent after reporting a 3.4 percent increase in passenger traffic for December 2017.
In London, Morrison Supermarkets jumped 2.38 percent after it reported a better-than-expected performance over the festive period.
Tesco rose 0.05 percent after its sales grew 3.1 percent in the 12 weeks to December 31, according to Kantar Worldpanel.
British American Tobacco advanced 0.70 percent on expectations that tax cuts in the U.S. will boost 2018 EPS.
Altice N.V. soared 10.52 percent in Amsterdam. The telecom company's board has approved plans for the separation of Altice USA Inc. (ATUS) from Altice NV, which will be renamed 'Altice Europe'.
Biocartis Group N.V. rallied 3.08 percent in Brussels after it signed a new companion diagnostic (CDx) development agreement with biotechnology company Amgen Inc.
Salvatore Ferragamo tumbled 1.87 percent in Milan after UBS downgraded its rating on the stock to 'Sell' from 'Neutral.'
The euro area unemployment rate declined to the lowest since 2009, figures from Eurostat showed Tuesday. The jobless rate dropped to 8.7 percent in November from 8.8 percent in October. This was the lowest since January 2009. The rate came in line with expectations.
Germany's industrial production rebounded at a faster than expected pace in November, figures from Destatis revealed Tuesday. Industrial output expanded 3.4 percent month-on-month in November, reversing a revised 1.2 percent drop in October. Output was expected to grow 1.8 percent.
Germany's exports recovered in November and imports grew at a faster pace, data published by Destatis showed Tuesday.
Exports climbed 4.1 percent on month in November, in contrast to a 0.3 percent drop registered in October. The rate also exceeded the expected rate of 1.2 percent.
At the same time, monthly growth in imports accelerated to 2.3 percent from 1.8 percent in October. Imports were forecast to climb 0.6 percent.
The trade surplus rose to a seasonally adjusted EUR 22.3 billion from around EUR 19.9 billion in October.
France's foreign trade gap widened in November, as exports fell faster than imports, data from the customs office showed Tuesday. The trade deficit rose to EUR 5.7 billion in November from EUR 5.3 billion in the previous month.
Meanwhile, economists had expected the deficit to narrow to EUR 4.7 billion.
The French current account gap widened in November from a month earlier, data from the Bank of France showed Tuesday. The current account deficit rose to EUR 3.3 billion in November from EUR 2.6 billion in October.
Copyright RTT News/dpa-AFX