UK stocks marginally higher amid thin trade; Just Eat up by 5%; BP rises 1%

Big 5

European equities traded slightly above the flatline Tuesday as most bourses were closed for the Labor Day public holiday.

The FTSE 100 was trading 0.2 percent higher, with other prominent benchmarks — from the likes of Germany, France and Spain — all shut for the day.

Rio Tinto struggled to stay above the flatline after news that Australian regulators have expanded an investigation into the company and two former top executives for allegedly failing to recognize an impairment in its Mozambique business.

Just Eat was among the top performers, up by nearly 5 percent. The company reported a 24 percent increase in U.K. orders in the first quarter of the year and a jump in revenues of 49 percent.

BP shares rose 1.4 percent in early deals. The company said that profits surged 71 percent amid the rally in oil prices.

In other corporate news, the U.K. competition and markets authority is due to release its opinion on the 21st Century Fox-Sky merger later on Tuesday.

In terms of data, the Bank of England will release consumer credit figures at 9.30 a.m. London time. At the same time, there will be manufacturing PMIs also for the U.K.

Elsewhere, President Donald Trump decided to delay a decision on metal tariffs for Europe, Canada and Mexico until June 1. Meanwhile, Argentina, Australia and Brazil received a permanent exemption from the new metal duties.

Back in Europe, the Italian anti-establishment party Five Star Movement has called for a fresh election in June as the political impasse following the March election has not been overcome.

Source: CNBC

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