LONDON ( The Deal) -- European stocks rose on Tuesday after a report from Germany's Federal Statistics office showed that growth is gathering pace in Europe's largest economy.
The Statistics Office confirmed an earlier estimate that German GDP rose 0.1% in the third quarter compared to the previous quarter, boosted by strong household consumer spending.
Separately, the OECD said that economic activity in the euro area is projected to recover slowly as confidence improves and uncertainty about banks' balance sheets declines. However, growth will remain weak because of still high public and private debt, tight credit conditions and high unemployment, the OECD said in its latest economic outlook released Tuesday morning.
On a global level, the OECD foresees a moderate improvement in growth over the next two years, picking up from 3.25% this year to 3.75% in 2015 and just below 4% in 2016.
Benchmark indices were all in positive territory across the continent, which the FTSE 100 up 0.14% in London at 6,739.22, the DAX 0.90% higher at 9.873.50 in Frankfurt, and the CAC 40 in Paris adding 0.45% to 4,388.22.
In Amsterdam, ING Groep (ING) - Get Report added 1% to just below 11.62 euros as investors welcomed its plan to cut 1,700 jobs in the next three years as it seeks to expand in digital banking in the Netherlands. The group is projecting annual growth savings of around 270 million euros starting in 2018.
Among decliners, Kingfisher (KGFHY) slumped 4.08% in London after the home-improvement retailer said sales dropped 9.3% in the 13 weeks through Nov. 1, mainly dragged down by France, its largest market. The firm remains cautious in its outlook, especially in France, with plans to focus on boosting margins and costs.
Asian stocks were mixed. In Tokyo, the Nikkei gained 0.29% to 17,408. In Hong Kong, the Hang Seng moved in the other direction to finish 0.21% lower at 23,843.91.
Later Tuesday, all eyes will be on the U.S., where reports are due out from the U.S. Commerce Department on third-quarter economic growth and from the Conference Board on November consumer confidence.