European equity markets opened higher on Tuesday, extending the positive momentum from the previous session. The pan-European benchmark index advanced 0.5% in early deals, led by gains in the technology sector which rose 1.8%. Mining stocks, on the other hand, saw a decline of 0.7%.
The U.K.’s FTSE 100 index extended its gains, rising 0.55% to trade at an all-time intraday high of 8067.73 by 8:10 a.m. London time. This follows the index’s fourth consecutive daily gain on Monday, surpassing its previous record close set on February 20, 2023.
As investors anticipate interest rate cuts from the Bank of England in the summer, U.K. stocks received a boost, while the pound weakened against the U.S. dollar. This week, investors in the region will be monitoring bank earnings and key tech earnings announcements from the United States, including Tesla’s report during Tuesday’s trading hours.
In Europe, earnings reports poured in from Renault, Kering, OVH, Novartis, and Associated British Foods. On the economic data front, preliminary purchasing managers’ index (PMI) data for manufacturing and services in the euro zone for April is set for release.
Overnight, gains from Monday continued as investors looked ahead to flash business activity figures from Australia, Japan, and India.
