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Firmer Oil Prices, Dollar Recovery Lift European Stocks

By Investors Hub

Firmer oil prices and the dollar recovery ahead of the FOMC meeting minutes coming out tomorrow helped to lift European stocks higher on Tuesday, although U.K stocks fell slightly in view of disappointing earnings updates from the likes of HSBC Holdings and BHP Billiton.

The pan-European Stoxx Europe 600 index was up 0.10 percent at 378.62 in late opening deals after declining 0.6 percent on Monday.

The German DAX and France’s CAC 40 were up around 0.2 percent, while the U.K.’s FTSE 100 was losing 0.4 percent.

Edenred shares jumped more than 7 percent in Paris after the prepaid meal voucher and card provider reported record 2017 earnings and hiked dividend.

Covestro, the company formed by the spin off of Bayer’s specialty plastics division, climbed nearly 2 percent after its fourth-quarter net profit increased more-than fourfold.

HeidelbergCement advanced 1.7 percent on reporting a 16 percent rise in Q4 core profit on higher sales.

Software firm Temenos tumbled 6 percent amid reports that it was in advance talks to buy U.K. rival Fidessa Group.

HSBC Holdings dropped over 4 percent after its full-year pre-tax profit, adjusted for one-off items and currency fluctuations, fell short of market forecasts.

Mining heavyweight BHP Billiton tumbled 3.5 percent despite the company reporting strong half-year underlying profit and hiking its interim dividend.

Intercontinental Hotels shares slumped 5 percent after the hotel conglomerate announced a series of new initiatives and said it would not pay out any additional capital to investors in 2018.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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