European stocks head for 2nd straight gain on brighter mood for oil, Greece

European stocks inched higher Tuesday, with investors focusing on gains for Credit Suisse AG shares and some progress on the Greek debt crisis, as they set aside disappointing economic data.

The Stoxx Europe 600 climbed 1% to 336.63, on course for a second consecutive advance following Monday’s 0.5% rise. All sectors were higher, led by shares in basic materials, financial, and oil and gas, with energy-related stocks supported by higher oil prices.

In the financial group, Credit Suisse AG shares popped up 5.4% after the bank posted a smaller-than-expected loss of 302 million Swiss francs ($311 million). The lender has been struggling to restructure its investment banking business.

“European markets looked fairly bubbly this Tuesday morning, [with] signs of Greek headway countering the latest lackluster figures out of the eurozone,” said Connor Campbell, financial analyst at Spreadex, in a note.

The Eurogroup of eurozone finance ministers on Monday welcomed overhauls on Greek pension reforms and tax hikes, but there was no formal approval for the payment of more bailout.

Greece’s Athex Composite was up 2.8% to 627.17 on Tuesday.

Data: German industrial production dropped 1.3% in March, much wider than the 0.2% expected in a Wall Street Journal survey of analysts. For the quarter, output rose 1.8% from the previous three months.

French industrial production fell unexpectedly in March, by 0.3%.

Indexes: Germany’s DAX 30 rose 0.7% to 10,049.00, and France’s CAC 40 climbed 0.8% to 4,355.81.

Italy’s FTSE MIB was up 1.3% to 17,918.23. The U.K’s FTSE 100 was up 0.9% at 6,168.54.

Source: MarketWatch

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