European stocks close slightly higher after euro zone GDP data and German recession

European stock markets rose on Tuesday, hitting a new high in two years, as investors digested preliminary figures for the euro zone’s gross domestic product in the fourth quarter.

The European Stoxx 600 index ended the session up 0.18%, at its highest level since January 17, 2022. Banking stocks rose 1.3%, with mining stocks falling 1.3%, according to LSEG data.

According to CNBC, the German DAX index closed with an increase of about 0.18%, while the French CAC index achieved gains of about 0.48%. The British FTSE index rose by about 0.44%.

According to the data, the euro zone economy stabilized in the last quarter of 2023, according to preliminary figures published by the European Union’s statistics agency. The steady reading showed the bloc narrowly escaping a shallow recession after a 0.1% decline in the third quarter.

Regional markets closed slightly higher on Monday as investors looked forward to a series of earnings, data and central bank announcements during the week.

As for the Asia-Pacific markets, they witnessed gains across the board overnight, with the exception of Hong Kong, which fell as investors continued to face the repercussions of the Evergrande liquidation order.

In contrast, US futures fell as investors analyzed the latest corporate earnings with a Federal Reserve policy meeting on the horizon on Wednesday.

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