This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

European Stocks Rise Amid Mixed Economic Data

Stocks in this article: RIO BHP

LONDON ( The Deal) -- European stock markets rose on Tuesday, as investors focused on the good news within a mixed clutch of economic data, even as German unemployment unexpectedly increased.

In London, the FTSE 100 was up 0.49% at 6,775.17. In Frankfurt, the DAX was up 0.24% at 9,857.05. The CAC in Paris rose 0.56% to 4,447.73. Indices built on the quarter-on-quarter rise they posted despite recent volatility in the three months ended on Monday.

Markit Economics' purchasing managers' index for the U.K. unexpectedly rose in June, putting it at the highest level in seven months. The same index, which is a closely watched gauge of manufacturing, slipped in the eurozone, though remained above the 50 threshold that signals expansion.

In China, the index, which Markit compiles in that market in conjunction with HSBC Holdings, rose to a six-month high.

Meanwhile, the eurozone unemployment rate in June held steady at 11.6%, defying expectations it would climb to 11.7%. The German rate held at 6.7% but the ranks of jobless in Europe's largest economy unexpectedly rose by 9,000.

In Paris, BNP Paribas staged a relief rally after accepting a near-$9 billion fine for U.S. sanctions violations. France's leading bank surprised investors by promising to hold its 2014 dividend unchanged from last year despite its troubles. It said it can absorb the fine without major restructuring measures.The shares were up almost 4% by late morning.

In London, the world's leading miner, Rio Tinto (RIO), led peers including BHP Billiton (BHP) and Anglo American higher, thanks to a Bank of America Merrill Lynch upgrade.

Security and facilities services provider G4S rose after analysts at UBS initiated coverage of the company with a buy recommendation.

Regeneration specialist St Modwen Properties was up almost 5% after reporting half-year results that showed pretax profit had increased 32%. The company said it is increasing its development pipeline as the economy recovers.

But in Frankfurt infrastructure and engineering services company Bilfinger sank almost 16% after it warned that 2014 net profit could fall as much as 10%. It said energy suppliers are holding back investment in power infrastructure both in Germany and other central European countries. It also said it will take an as-yet-unspecified restructuring charge in the second half to pay for cost cuts at its power business and industrial business.

In Tokyo, the Nikkei closed up 1.08% at 15,326.20 as the country's Tankan index of business confidence suggested government policies are stoking growth.

The Hang Seng in Hong Kong slipped 0.13% to 23,190.72.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs