European stocks keep gains post UK data

The European stocks built onto previous session’s gains this Tuesday, after having opened on a steady note, as markets cheer upbeat corporate earnings reports. While a solid recovery staged by the oil prices also offer some respite to the energy and resource sector stocks.

The London stocks also extended higher following the release of better-than expected UK industrial production data. Industrial production in the UK showed a rise of 1.6% y/y in the UK for June, largely before the UK’s June 23 referendum on European Union membership.

On the corporate news front, Munich Re jumped 3.4% after the reinsurer reported quarterly net income way above markets’ expectations. Altice rallied 12% after its profit rose amid gains in Portugal. Amec Foster Wheeler Plc rallied 13% after its revenue and earnings beat forecasts.

Currently, Germany's DAX 30 index trades +0.51% higher at 10,486, while the UK's FTSE index trades +0.33% higher at 6,830. Among other European indices, the French CAC 40 index gains +0.48% to 4,437, while the pan-European Euro Stoxx 50 index advances +0.46% to hover around 3k mark.