European Markets Inch Higher Led By Commodity Stocks

(RTTNews) - European stocks traded slightly higher on Tuesday as strong U.S. manufacturing data helped lift mining and energy stocks.

Investors shrugged off the results of a survey showing that Euro zone factory downturn deepened again in March.

Inflation fell in six economically important German states in March, preliminary data showed ahead of key German inflation figures due alter in the day.

Elsewhere, British manufacturers reported their first overall growth in activity in 20 months in March on the back of recovering demand in their home market.

The pan-European STOXX 600 edged up 0.2 percent to 513.64 as trading resumed after a long holiday weekend.

The German DAX was marginally higher, France's CAC 40 inched up 0.1 percent and the U.K.'s FTSE 100 was up 0.4 percent.

Rheinmetall AG, a German automotive and arms maker, rose about 2 percent after receiving a contract order worth 135 million euros from KNDS Germany.

Swiss banking giant UBS Group AG added half a percent on share buyback news. Miners Anglo American, Antofagasta and Glencore climbed 1-3 percent.

BP Plc rallied 2.5 percent and peer Shell added 2.9 percent as U.S. crude futures hit $85 a barrel in New York for the first time since October amid growing geopolitical risks and signs of improving demand in the U.S. and China.

Housebuilder Persimmon fell over 2 percent, Taylor Wimpey lost 1.8 percent and Barratt Developments declined 1.4 percent after data showed U.K. house prices declined unexpectedly in March as a result of higher interest rates.

The Nationwide Building Society's house price index posted a monthly fall of 0.2 percent in March, in contrast to the 0.7 percent rise in February and confounding the forecast of 0.3 percent gain.

Origin Enterprises rose about 1 percent as the international agri-services group announced the appointment of Colm Purcell as chief financial officer (CFO).

CTS Eventim AG, a German provider of ticketing services and live entertainment, added half a percent after it signed a put option deal with French media and entertainment firm Vivendi SA on the sale of Vivendi's festival and See Tickets' international ticketing activities.