European stocks were higher on Tuesday, with the FTSE 100 hitting record intraday highs as investors built on positive momentum from the previous session.
Pan-European benchmarks Stoke 600 As of 2:00pm London time, the index was up 0.8%, with most sectors in positive territory. Retail stocks rose 2%, while mining stocks fell 1.4%.
The UK’s FTSE 100 index continued its gains, rising 0.55% in early trade, before falling slightly to hit an intraday record high of 8067.73 points. It came after the index rose for the fourth time on Monday and surpassed the closing record set on February 20, 2023.
British stocks rose while sterling fell against the dollar as investors increased bets on a cut in summer interest rates by the Bank of England.
Investors in the region are looking ahead to bank earnings this week and will see plenty of tech earnings in the U.S., where Tesla will report during Tuesday’s U.S. trading session.
In Europe on Tuesday, Renault, Kering, OVH, Novartis and United Foods all reported earnings. In terms of data, preliminary values for the euro zone’s manufacturing and services purchasing managers’ index for April were also released.
Overnight, Asia Pacific markets extended gains on Monday as investors focused on business activity data from Australia, Japan and India. US stocks opened it higher on Tuesday.
