European markets start higher

Tuesday, 07. June 2016 09:19

Stock markets across Europe started the trading day on higher foot on Tuesday. With the U.S. Federal Reserve chairwoman Janet Yellen on Monday saying interest rates should be raised but not when, investors turned their attention to market fundamentals, such as company performance and oil prices.

The pan-European Stoxx 600 index added 0.34% on open at 343 points with early gains for basic resources, oil and gas, industrial companies. The Euronext 100 opened 0.36% higher.

The German DAX index opened 0.75% higher at 10,196 points. Deutsche Bank, Bayer and Heidelbergcement were the early advancers, while ProSiebenSat.1, Münchener Rückversicherungs and Lufthansa started with decline.

In France, the CAC 40 opened 0.50% higher at 4,443 points. Early advancers: Engie, Peugeot and Credit Agricole. Decliners: Vivendi, Michelin, L'Oreal.

The London's FTSE 100 added 0.34% to open at 6,294 points. Mining companies such as Anglo American, Rio Tinto and BHP Billiton were leading in gains, while Centrica, Smith & Nephew and ITV were the early decliners.

Italy FTSE MIB opened 0.45% higher at 17,704 points. Saipem, Tenaris and Unicredit were the best early performers, while CNH Industrial, Italcementi and Campari dropped.

In Zurich, the Swiss Market Index was up 0.47% at 8,205 points minutes after open with banks such Julius Baer, UBS and Credit Suisse nesting the gaining side together with LafargeHolcim and Swatch. Swiss Re and Zurich Insurance were among early losers.

Oil prices were on the slow rise: Brent edged up 0.02% to $50.49 a barrel and West Texas Intermediate edged down 0.02% to $49.66 a barrel at ICE Europe as of 9:02 a.m. CET.

The euro gained 0.14% against the U.S. dollar, the British pound was 0.47% weaker compared to the euro, and the Swiss franc lost 0.05% to the euro by 9:15 a.m. CET.

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Breaking the News / ZR