Modupe Gbadeyanka
By Investors Hub
European stocks are broadly higher on Tuesday after German Chancellor Angela Merkel reached a deal with her Interior Minister over migration policy, helping avert a political crisis in the country.
While the German DAX Index has jumped by 1.4 percent, the French CAC 40 Index is up by 1 percent and the U.K.?s FTSE 100 Index is up by 0.7 percent.
Societe Generale has climbed in Paris after agreeing to acquire Commerzbank’s Equity Markets & Commodities business. Shares of Commerzbank have also advanced.
Sanofi has also moved notably higher after closing a strategic transaction with Evotec to integrate its infectious disease unit including licensing-in the majority of Sanofi’s infectious disease research portfolio.
Meanwhile, shares of BE Semiconductor Industries N.V. have slumped after the Dutch semiconductor equipment manufacturer trimmed its sequential growth forecast for second-quarter revenues.
Swiss iron ore pellet producer Ferrexpo has also tumbled after its total pellet production for the first half of 2018 declined 1.2 percent to 5.10 million tons, reflecting a planned 65-day pellet line refurbishment.
Glencore, which is facing a U.S. money laundering probe, has also moved substantially lower on the day.
In economic news, Eurozone retail sales were unchanged in May as an increase in food sales was offset by a decline in non-food products turnover, data from Eurostat showed. Sales were expected to gain 0.1 percent, reversing the 0.1 percent drop logged in April.
Survey data from IHS Markit and Chartered Institute of Procurement & Supply showed U.K. construction output grew at the fastest pace in seven months in June.
The construction Purchasing Managers’ Index rose to 53.1 from 52.5 in May. The latest reading pointed to the sharpest rise in construction output since November 2017.
