Europe stocks rise on US presidential debate; oil in focus; Electrolux up

European stock markets were higher in morning trade on Tuesday with global sentiment buoyed by the U.S. presidential debate where Hillary Clinton appeared to gain momentum over Donald Trump.

The pan-European Euro Stoxx 600 Index was higher with all sectors and major bourses in positive territory following selling in the previous session. Investors were reacting to the first televised debate between U.S. presidential nominees Hillary Clinton and Donald Trump on Monday night. Clinton appeared to have edged out her Republican opponent based on analysts’ take on the initial market reaction.

“The Mexican peso has been the market’s whipping boy for fears about a Trump presidency, and as such the spike higher overnight post debate would suggest that Clinton emerged in the markets’ eyes, though as opinion polls emerge over the next few days, this may change,” Marc Ostwald, a strategist at ADM Investor Services, said in a morning note.

Oil in focus

Elsewhere, oil markets are also in focus for traders as major oil producers are set to meet on the sidelines of the International Energy Forum in Algeria. OPEC’s informal meeting, alongside other influential non-OPEC producers such as Russia, could lead to a possible production freeze deal that would support oil prices.

On Tuesday, crude futures slipped in Asian trade on Tuesday as investors took profits after prices climbed more than 3 percent in the previous session.

Orange shares rise

In other news, Commerzbank is planning to cut around 9,000 jobs over the coming years as Germany’s second biggest lender pushes ahead with a restructuring plan, Handelsblatt reported on Monday, citing unnamed sources in the finance industry, according to Reuters. Shares were flat in early deals.

Shares of Electrolux rose 1.8 percent after an analyst upgrade from Nordea bank. French telecoms group Orange climbed 1.9 percent after an upgrade from Credit Suisse.

Source: CNBC