European Stocks Climb as Economic Data Lift Cyclical CompaniesBy
European stocks climbed as stronger economic data from Germany and France helped lift the shares of cyclical companies including makers of technology and autos.
The Stoxx Europe 600 Index rose 0.2 percent at the close. Technology shares were among the best performers, led by Nokia Oyj, after the company settled all litigation with Apple Inc. related to their intellectual property dispute and agreed on a multi-year patent license. Automakers and lenders also climbed. The Stoxx 600 slipped less than 0.1 percent Monday, with banks leading losses.
- German business confidence as measured by the Ifo institute rose to 114.6 in May -- the highest level since 1991 -- after a report earlier Tuesday showed growth accelerated to 0.6 percent in the first quarter, the fastest in a year.
- The French economy also gathered steam after the victory of pro-Europe centrist Emmanuel Macron in the presidential elections resolved uncertainty about the outlook.
- The U.K.’s benchmark FTSE 100 Index lost 0.2 percent after at least 22 people were killed in a suicide bombing at a pop concert packed with children in Manchester, northern England. Fifty-nine others were injured in an attack that police said was carried out by one man, who died after detonating an explosive device.
- In the latest news coverage of the White House, the Washington Post reported U.S. President Donald Trump asked intelligence chiefs to publicly deny any collusion between his campaign and Russia. Investors also weighed the impact of Trump’s budget proposal, which would dramatically cut the U.S. government’s role in society.
- Euro-area finance ministers in Brussels on Monday failed to break an impasse on debt relief for Greece, delaying the completion of the country’s bailout review.
- Traders are betting an increase in U.S. interest rates next month is a virtual certainty, fed fund futures show. Minutes from the Federal Reserve’s May 2-3 meeting are set to be released Wednesday.