European markets opened higher on Tuesday, with the FTSE 100 hitting an intraday high as investors capitalized on strong momentum from previous trading.
Pan-European benchmark Stocks 600 The index rose 0.5% in early trading, with most sectors trading in positive territory. Tech stocks led the gains, rising 1.8%, while mining stocks fell 0.7%.
Britain’s FTSE 100 index extended its gains, rising 0.55% to trade at an intraday high of 8,067.73 by 8:10 a.m. London time. This comes after the index recorded its fourth daily gain on Monday, surpassing its previous all-time close set on February 20, 2023.
British stocks rose as investors bet on a summer interest rate cut from the Bank of England, but the pound fell against the US dollar.
Investors in the region will be keeping an eye on bank earnings this week, as well as various U.S. tech company earnings announced by Tesla during U.S. trading hours on Tuesday.
In Europe on Tuesday, Renault, Kering, OVH, Novartis and Associated British Foods posted gains. On the data front, preliminary figures for the Eurozone Manufacturing and Services Purchasing Managers’ Economic Index for April will be released.
Overnight, Asia-Pacific markets extended their gains from Monday as investors focused on preliminary data on business activity in Australia, Japan and India. US stock futures were almost unchanged on Monday night.
