BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets jumped at the open Tuesday, but remained stuck in a sideways pattern throughout the day. The early leap was sparked by a positive reaction among investors to comments from Chinese Xi Jinping regarding the trade dispute between China and the U.S.
Xi promised to lower import tariffs on products including cars and take other steps to further open the world's second-largest economy.
The pan-European Stoxx Europe 600 index advanced 0.82 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.71 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.91 percent.
The DAX of Germany climbed 1.11 percent and the CAC 40 of France rose 0.84 percent. The FTSE 100 of the U.K. gained 1.00 percent and the SMI of Switzerland finished higher by 0.79 percent.
In Frankfurt, Bayer leaped 4.90 percent on a Wall Street Journal report that the U.S. Justice Department has decided to allow the German company's deal to acquire Monsanto Co., valued at more than $60 billion.
In Paris, luxury goods conglomerate LVMH jumped 4.92 percent after a solid trading update.
Air France-KLM fell 2.35 percent. The airline said it estimates the impact of the seven days of strikes between Feb. 22 and April 11 at approximately 170 million euros ($209 million) on operating income.
In London, Vedanta Resources rallied 2.67 percent. The company said it is evaluating further course of action after its application for the renewal of consent to operate its existing Smelter plant at Tuticorin (India) has been rejected for want of more clarifications.
Givaudan tumbled 2.44 percent in Zurich. The fragrance and flavor maker posted weaker-than-expected sales for the first quarter.
France's industrial production recovered in February, figures from the statistical office Insee showed Tuesday. Industrial production grew 1.2 percent month-on-month in February, in contrast to a 1.8 percent fall in January. This was the fastest growth in four months but slower than the expected increase of 1.4 percent.
Like-for-like sales in the United Kingdom surged 1.4 percent on year in March, the British Retail Consortium said on Tuesday. That topped expectations for a decline of 0.1 percent following the 0.6 percent increase in February.
Producer prices in the U.S. increased by more than expected in the month of March, according to a report released by the Labor Department on Tuesday. The Labor Department said its producer price index rose by 0.3 percent in March after edging up by 0.2 percent in February. Economists had expected producer prices to inch up by 0.1 percent.
Copyright RTT News/dpa-AFX