Major European Markets Close Modestly Higher

(RTTNews) - The major European markets closed higher on Tuesday, led by gains in healthcare and financials sections.

Slightly easing worries about inflation helped lift sentiment. However, gains were just modest as the mood remained cautious with investors looking for direction.

The pan European Stoxx 600 gained 0.38%. The U.K.'s FTSE 100 climbed 0.37%, while Germany's DAX and France's CAC 40 ended higher by 0.18% and 0.11%, respectively. Switzerland's SMI surged 0.47%.

Other markets in Europe ended on a mixed note. Belgium, Denmark, Finland, Greece, Poland, Portugal, Spain and Turkiye ended higher.

Austria, Czech Republic, Iceland, Ireland, Netherlands, Norway and Russia closed weak, while Sweden ended flat.

In the UK market, Pennon, Melrose Industries, Polymetal International, Legal & General, 3i and Carnival surged 2 to 3%.

Standard Chartered, Hargreaves Lansdown, Scottish Mortgage, Burberry, ICP, Severn Trent, Anglo American Plc, United Utilities and Barclays ended higher by 1.5 to 2%.

Paragon Banking Group surged 9.5% after upgrading its FY23 guidance and launching a second 50.0-million-pound ($62.2 million) share buyback program for the year.

Just Eat Takeaway.com declined more than 4%. Flutter Entertainment, Vodofone and Centrica lost 1 to 1.6%.

N Brown Group plunged 12.8% after it swung to a pre-tax loss in the fiscal 2023 in a "challenging" market.

In the German market, Sartorius rallied nearly 3%. Fresenius Medical Care, MTU Aero Engines and Vonovia surged 1.6 to 1.8%.

Symrise, Volkswagen, Commerzbank, RWE, Deutsche Bank and Adidas also posted solid gains.

Zalando ended lower by about 2.25%. Porsche drifted lower by 1.7%, while Deutsche Telekom, Hannover Rueck, Munich RE and Continental lost 0.6 to 1%.

In Paris, Publicis Groupe climbed about 3.5%. Eurofins Scientific and WorldLine gained 2.5% and 2.3%, respectively. Veolia, Saint Gobain, Sanofi, BNP Paribas and Vivendi also ended with notable gains.

Carrefour declined about 3.3%. Orange, TotalEnergies, Thales and Bouygues lost 0.5 to 1.1%.

In economic releases, Eurostat reported that retail sales in the euro zone flatlined in April. Retail sales came in at 0% month-month-in April versus 0.2% expected.

Germany's manufacturing orders decreased further in April, but the fall was less severe than expected.

Factory orders fell a seasonally and calendar adjusted 0.4% month-on-month, preliminary data from the statistical office Destatis showed. That was much less severe than the 2.2% slump economists had forecast.

Germany's construction sector continued to contract in May, largely due to a further plunge in housing activity amid weaker demand conditions, survey results published by S&P Global showed. The HCOB construction Purchasing Managers' Index climbed to 43.9 in May from 42.0 in the previous month.

The UK construction sector expanded at the sharpest pace in three months in May, driven by faster gains in commercial building and civil engineering activity, survey results from S&P Global showed.

The Chartered Institute of Procurement & Supply construction Purchasing Managers' Index, or PMI, rose to 51.6 in May from 51.1 in April.

Data from the British Retail Consortium showed British retail sales growth slowed to a seven-month low in May as a result of rising food costs.