European stocks rose higher on Tuesday ahead of a critical speech on China's trade relations from President Donald Trump, backed by generally well-received revenue.
Stoxx Europe 600
SXXP, + 0.22% ,
which ended Monday just 2% below the record high, increased 0.12% to 405.81.
The German DAX
DAX, + 0.53%
increased 0.29% to 13236.76, the French CAC 40
PX1, + 0.30%
won 0.15% to 5902.52 and the UK FTSE 100
UKX, + 0.34%
increased 0.28% to 7349.30.
Trump at 12 noon Eastern should give a speech to the Economic Club in New York. "Whatever the tone of the comments, the effect on the markets is likely to be short-term. We are just a tweet away from policy changes, and the next trade communication may reverse market conditions," said Paul Donovan, chief economist at UBS Global Wealth Management.
VOD, + 0.75%
rose 1% as the UK-based mobile phone operator lifted the fiscal 2020 guidelines adjusted earnings to entail organic growth from 2% to 3%. Organically adjusted Ebitda in the first half rose 1.4% to 0.3% growth in service revenue, helped by gains in South Africa, Spain and Italy.
IFX, + 7.27%
climbed 5% when the German chip maker reported better sales and operating results for the fourth quarter than expected, aided by the smartphone-producing device. Infineon's outlook indicates strong sales growth in the second half of the financial year, according to Gianmarco Bonacina, an analyst with Equita, the Italian broker.
B&M European Value Retail
tumbled 7.3%. The discount retailer experienced a poorer 2.8% decline in adjusted profit as the company reported "disappointing financial results in Germany" and slowed same-store sales growth in its UK stores.
Shares fell by 13.6% when the distributor of industrial and electronic products said the second half started with "modest growth" with "ongoing softness in electronics."