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Investing.com - European stocks rose Tuesday, tracking gains on Wall Street, while investors digested more corporate results ahead of the release of final regional activity data.
At 03:02 ET (07:02 GMT), the DAX index in Germany climbed 0.6%, the CAC 40 in France gained 0.3% and the FTSE 100 in the U.K. rose 0.5%.
The main Wall Street indices ended sharply higher on Monday, with the benchmark S&P 500 gaining 1.5% and snapping a four-day losing run, as investors positioned for Federal Reserve interest rate cuts after last week’s weaker-than-expected nonfarm payrolls data.
Eurozone services PMIs due
This positive sentiment has crossed the Atlantic, with investors hopeful that the recently announced trade agreement between the European Union and the U.S. will provide more certainty for corporations as the year progresses.
The final releases of services, and thus also composite, PMIs for the eurozone are due later in the session, and should confirm that the region’s dominant services sector continued to expand in July, dragging the whole economy higher.
There is also more inflation to digest Tuesday, with the release of the June producer prices for the eurozone, while French ndustrial production rose more than expected in June, climbing 3.8% on the month.
BP (NYSE:BP) impresses with Q2 results
There are more second-quarter corporate results to digest Tuesday.
BP (LON:BP)reported second-quarter profit that beat analyst expectations, rebounding amid recent volatility in global oil and gas markets.
The results come as the oil major continues to try to rebuild investor confidence following a protracted period of underperformance relative to its industry peers.
Diageo (LON:DGE), the world’s biggest spirits maker, forecast fiscal 2026 organic sales growth to be similar to fiscal 2025 including the impact of U.S. tariffs, and raised its cost-savings target to about $625 million.
Hugo Boss (ETR:BOSSn) reported a slightly better than expected quarterly operating profit, with the German fashion group helped by cost measures as a stronger euro weighed on its sales.
Adecco (SIX:ADEN) reported a 28% decline in second-quarter adjusted earnings per share, with the French-Swiss recruitment company citing continued pressure on gross margins despite stabilizing revenue and improving volume trends across several regions.
Smith & Nephew (LON:SN) reported an 11.2% rise in first-half trading profit, with the medical products maker’s results supported by cost reductions and a rebound in its U.S. operations, which helped offset weaker demand from China.
Crude stabilizes after recent losses
Oil prices stabilized Tuesday after recent losses in the wake of OPEC+ agreeing another large output hike despite an uncertain demand outlook.
At 03:02 ET, Brent futures slipped 0.2% to $68.66 a barrel, and U.S. West Texas Intermediate crude futures fell 0.2% to $66.16 a barrel.
Both benchmarks fell more than 1% in the previous session, their fourth consecutive decline, to settle at their lowest in a week.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September.
It marks a full and early reversal of the group’s largest tranche of output cuts, amounting to about 2.5 million bpd, or around 2.4% of global demand.