European stocks up, GBP declines supporting FTSE

European stocks rose at the open on Tuesday, tracking Wall Street’s gains in the evening, while the British Financial Times 100 index, which focuses on export companies, received support from the decline of the sterling pound in the wake of a mixed report on the labor market in Britain.

According to Reuters, the Financial Times 100 Index rose by 0.3%, while the European Stoxx 600 Index increased by 0.2%.

The pound sterling fell after data showed a weak labor market, although wage growth remained strong in July, which paints an ambiguous picture ahead of the Bank of England’s decision on interest rates next week.

The German DAX index fell 0.2%, faltering unlike the rest of the region’s markets due to the negative impact of information technology company stocks on the index.

Healthcare stocks led gains on the European STOXX 600 index, and Jetting shares jumped 3.7%.

Associated British Foods shares rose 1.6% after the company that owns Primark raised its profit forecasts for the full year for the second time in four months, supported by strong trading in its operations in the fast fashion and food sectors.