European stocks rose on Tuesday ahead of a critical speech on trade relations with China by President Donald Trump, backed by well-received revenues.
Stoxx Europe 600
SXXP, + 0.26% ,
which ended Monday with just 2% below its record high, rose 0.12% to 405.81.
The German DAX
DAX, + 0.57%
rose 0.29% to 13236.76, the French CAC 40
PX1, + 0.33%
gained 0.15% to 5902.52 and the US FTSE 100
UKX, + 0.39%
rose 0.28% to 7349.30.
Trump at 12 o'clock is about to speak at the Economic Club of New York. "Whatever the tone of the remarks, the effect on the markets is likely to be short-lived. We are just a tweet of policy change, and the next trade announcement may reverse market assumptions, "says Paul Donovan, chief economist at UBS Global Wealth Management.
VOD, + 1.72%
increased by 1% after the US-based mobile phone operator revoked its adjusted profit guidance for fiscal 2020 to suggest 2% to 3% organic growth. Its adjusted for the first half of the year, Ebitda grew 1.4%, with a 0.3% increase in revenue from services backed by profits in South Africa, Spain and Italy.
IFX, + 6.57%
rose 5% as the German chip maker reported better fourth-quarter revenue and operating profit than forecast aided by its smartphone chip maker. Infineon's outlook suggests strong sales growth in the second half of its fiscal year, according to Gianmarco Bonacina, an analyst at Italian broker Equita
B&M European Value Retail
fell 7.3%. The discount retailer suffered a worse-than-expected 2.8% fall in adjusted profit, as the company reported "continued disappointing financial results in Germany" and slowed sales growth in the same stores in its US stores.
shares fell 13.6%, as the distributor of industrial and electronic products said the second half began with "modest growth" with "a constant softness in electronics".