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European stocks close higher but miners hit, FTSE down

European stock indexes closed higher on Tuesday, with the exception of the U.K.'s benchmark FTSE 100, which was knocked by the weak performance of mining stocks.

The pan-European STOXX 600 index closed 0.5 percent higher, with most sectors in positive territory.

The notable underperforming sector was basic resources, which ended down 2.9 percent. Miners were the worst performing stocks in the basic resources index, with Antofagasta, Randgold Resources, Glencore, Rio Tinto, Fresnillo and BHP Billiton all ending more than 3 percent lower.

As a result, the FTSE 100, which is heavily weighted towards basic resource companies, ended provisionally down 0.2 percent underperforming its continental peers.

The French CAC ended up unofficially 0.9 percent and the German DAX was 1.1 percent higher.


Symbol
Name
Price
 
Change
%Change
Volume
FTSE
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DAX
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CAC
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IBEX 35
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Mining stocks were hit by declining precious metals prices. Spot gold and silver traded lower on the day and palladium futures for September were down 1.6 percent.

Gold, in particular, is sensitive towards hints of rising U.S. interest rates. Higher interest rates increase the opportunity cost of holding non-yielding assets, like metals, and boost the value of the U.S. dollar, in which metals are priced.

U.S. stock indexes slipped on Tuesday, as investors awaited key jobs data on Friday that may influence if the U.S. Federal Reserve hikes interest rates in September.

Asia markets rebounded on Tuesday as Japanese shares reversed early losses following the release of data on Japanese household spending, unemployment and retail sales.

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In business news, the European Commission ruled on Tuesday that Apple must pay Ireland $14.5 billion — plus interest — in back taxes. The executive arm of the European Union concluded that Ireland had granted undue tax benefits to the the tech giant. Apple's U.S.-listed stock traded 0.8 percent lower, with its Frankfurt-listed stock ending down around 0.3 percent.

There were no major European earnings or data releases Tuesday.

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