European Shares Broadly Higher In Cautious Trade; Eurozone Retail Sales Data Eyed

(RTTNews) - European stocks were broadly higher on Tuesday as U.S. Treasury yields dipped from recent highs, BP Plc unveiled more share buybacks and official data showed German factory orders unexpectedly rebounded in December.

German factory orders registered a monthly expansion of 8.9 percent after remaining unchanged in November. Orders were forecast to fall 0.1 percent.

On a yearly basis, factory orders advanced 2.7 percent, in contrast to the 4.7 percent decline a month ago.

Eurozone retail sales data is awaited later in the day.

The pan-European STOXX 600 was up 0.2 percent at 484.74 after ending flat with a negative bias on Monday.

The German DAX was marginally lower, while France's CAC 40 edged up 0.2 percent and the U.K.'s FTSE 100 added 0.6 percent.

Swiss bank UBS fell 2.6 percent after reporting its second consecutive quarterly loss.

Finnish telecom equipment maker Nokia fell about 1 percent after signing a new patent cross-license agreement with Vivo.

British oil giant BP soared 5.8 percent after the oil giant reported its second-highest annual profit in more than decade and announced a $1.75bn share buyback.

Filtronic jumped around 6 percent. The maker of products for the aerospace, defines, telecom, and others projected revenue and profit to be ahead of market expectations for fiscal 2024 and fiscal 2025.

Banking group Virgin Money UK added 1.3 percent after delivering Q1 results in line with the guidance.

French automaker Renault fell about 1 percent after Stellantis Chairman John Elkann denied the carmaker had merger plans.

Beiersdorf gained 1 percent. The German maker and retailer of personal-care products and pressure-sensitive adhesives proposed higher dividend and announced a share buyback plan.

Semiconductor company Infineon Technologies declined 2.4 percent after cutting its FY24 outlook.

Aurubis, a supplier of non-ferrous metal, climbed 1.8 percent after confirming its FY outlook.