European Stocks Remain Muted
European stocks were muted on Tuesday as investors awaited the release of Purchasing Managers’ Index (PMI) data. The Stoxx Europe 600 Index was up 0.2%, while the U.K.’s FTSE 100 Index was down 0.2%.
Energy Stocks Rally
Energy stocks were the biggest gainers, with the Stoxx Europe 600 Oil & Gas Index rising 1.2%. The rally was driven by a surge in oil prices, with Brent crude up 1.3% to $71.37 a barrel.
PMI Data in Focus
Investors were awaiting the release of PMI data for the Eurozone, which is expected to show a further improvement in the region’s manufacturing sector. The data is expected to show that the manufacturing sector expanded for the fourth consecutive month in May.
U.K. Stocks Mixed
In the U.K., stocks were mixed, with the FTSE 100 Index down 0.2%. The index was weighed down by a decline in banking stocks, with Lloyds Banking Group and Barclays both down more than 1%.
German Stocks Rise
German stocks were higher, with the DAX Index up 0.4%. The index was boosted by a rally in technology stocks, with SAP and Infineon both up more than 1%.
French Stocks Lower
French stocks were lower, with the CAC 40 Index down 0.2%. The index was weighed down by a decline in consumer stocks, with Carrefour and L’Oreal both down more than 1%.
Italian Stocks Rise
Italian stocks were higher, with the FTSE MIB Index up 0.3%. The index was boosted by a rally in banking stocks, with Intesa Sanpaolo and UniCredit both up more than 1%.
Spanish Stocks Higher
Spanish stocks were higher, with the IBEX 35 Index up 0.4%. The index was boosted by a rally in energy stocks, with Repsol and Iberdrola both up more than 1%.
Outlook
European stocks remain muted as investors await the release of PMI data. The data is expected to show that the manufacturing sector in the Eurozone continued to expand in May. Energy stocks were the biggest gainers, with a surge in oil prices driving the rally. U.K. stocks were mixed, with banking stocks weighing on the FTSE 100 Index. German stocks were higher, with a rally in technology stocks driving the gains. French stocks were lower, with consumer stocks weighing on the CAC 40 Index. Italian and Spanish stocks were higher, with banking and energy stocks driving the gains.