European stocks rise supported by mining sector, earnings expectations

European stocks rose slightly on Tuesday, led by gains in basic resources stocks and improved earnings expectations, while investors and central bankers awaited inflation data this week that could change the course of interest rates.

According to Reuters, the European Stoxx 600 index rose 0.1% by 0821 GMT.

Basic resource stocks led sector gains, recording a 1.2% jump as gold prices rose, benefiting from the decline in the dollar.

In an update, Puma said it expects poor performance in the first half of 2024, but is committed to the annual goals it announced in January. The German sportswear company’s shares increased 0.5%.

The shares of the French Bouygues Group, whose businesses vary in the fields of construction and communications, jumped 5% after announcing annual operating profits above the target, as the good performance in almost all sectors compensated for the decline in its business in the real estate sector.

British Aberdeen Asset Management shares rose 7.5% to the top of the STOXX 600 index, as it set plans to continue significant cost reductions to revive performance.

Meanwhile, French shares of SIP fell 4.6% after Peugeot Invest sold a stake in the manufacturer of household appliances and equipment.

Investors are awaiting data on durable goods sales, consumer confidence and home prices in the United States later on Tuesday.