The European markets rose in choppy trading on Tuesday, as Tesco led a rally among retailers after reporting better than expected results.
In economic news, the Mannheim-based Center for European Economic Research, or ZEW, said its economic sentiment index for Germany rose to 13 in April from minus 3.5 in March. It was the sixth consecutive month of increase. Meanwhile, economists had expected the index to rise to 2.
The FTSEurofirst 300 index of pan-European blue chips closed 0.18% higher at 787.52 points, while the narrower DJ Stoxx 50 index rose 0.09% to 1,933.48 points.
Around Europe, France's CAC 40 index rose 0.15% to 2,973.94 and Germany's DAX index surged up 0.34% to 4,501.63, while the U.K.'s FTSE 100 index fell 0.09% to 3,987.46.
Tesco, Europe's second-largest retailer, climbed 4.9% after the company reported a forecast beating 10% rise underlying profit before tax for the fiscal year 2009.
Other retail stocks also advanced, with German retailer Metro rose 2.8%, while British retailer J Sainsbury added 1.6% and percent and Dutch retailer Ahold surged up 2.3%.
Burberry, Britain's largest publicly traded luxury-goods company, rallied 13% after the company reported revenue for the three months ended March 31 that increased from last year and beat analysts' estimate.
On the other hand, Deutsche Telekom slipped 7.2% after the company lowered its 2009 earnings outlook.
Financial stocks also fell, pressured by a report from the International Monetary Fund that said global writedowns of toxic debt among banks and other financial institutions in the United States, Europe and Japan could reach $4.1 trillion. BNP Paribas, France's largest bank, declined 2.8%, while Royal Bank of Scotland, Britain's second largest, slipped 5.9% and Barclays, Britain's third biggest lender, dropped 4.8%.
For comments and feedback: contact email@example.com