×

Europe closes up 1.4% as miners rally; FTSE hits 4-month high

European stock indexes closed higher on Tuesday, as a sharp tick-up in oil prices and commodity stocks boosted sentiment, along with an encouraging set of corporate updates.


German ZEW data released

Symbol
Name
Price
 
Change
%Change
Volume
FTSE
---
DAX
---
CAC
---
IBEX 35
---

The pan-European STOXX 600 closed around 1.4 percent higher provisionally, with all industry sectors in positive territory. The FTSEuroforst 300 Index hit a three-month high during the session.

London's FTSE 100 index gained around 0.8 percent by the market close, lifted by the outperformance of U.K.-listed mining stocks. The index hit a four-month high during the session.

France's CAC ended provisionally up 1.2 percent, while the German DAX jumped around 2.2 percent after positive ZEW economic sentiment data for the country was released. The ZEW survey for April showed sentiment at 11.2 points, compared to 4.3 in March, suggesting fears over the global economy were easing.

Basic resources stocks were Europe's top performers on Tuesday. Glencore was among the biggest gainers, ending around 7.7 percent higher on the day after Societe Generale raised its price target on the stock. Oil prices recovered after Monday's drop, with a Kuwait oil workers' strike subduing production. Brent and U.S. crude traded at around $44 and $41 per barrel respectively.

The rally in crude boosted oil stocks such as Tullow Oil and Statoil.

Earnings in full swing

A few French companies posted strong results on Monday and Tuesday.

Shares of Danone closed around 3.5 percent higher on Tuesday after the food group posted a like-for-like sales rise of 3.5 percent in the first quarter, beating expectations.

Publicis, reported organic sales growth of 2.9 percent for its first quarter, however the advertising giant warned that it expected to face headwinds. Chief Executive Maurice Levy told CNBC on Tuesday that he believed 2017 would be much better than 2016. Shares closed around 6.7 percent higher on Tuesday.

Carney speaks

Most Asian markets posted strong gains on Tuesday, led by a jump in Japanese shares. U.S. markets also mostly traded higher on Tuesday, with oil and earnings a key focus.

In the U.K., Bank of England Governor Carney said uncertainty about the outcome of the EU referendum already appeared to be weighing on Britain's economy, according to Reuters.

Follow CNBC International on Twitter and Facebook.