(RTTNews.com) – European stocks held steady near three-month highs on Tuesday, although gains remained modest ahead of the ECB’s September policy meeting scheduled to take place on Thursday.
While oil erased early gains to slip towards $ 47 a barrel, the sterling rose against the dollar on signs of resilience in the economy in the aftermath of the Brexit vote.
In economic releases, Eurostat figures showed that Eurozone GDP grew 0.3 percent in the second quarter of 2016, in line with flash data released last month. Separately, German factory orders recovered in July on strong foreign demand, but the pace of growth fell short of expectations.
The pan-European Stoxx Europe 600 index was virtually unchanged in midday trading after closing marginally higher in the previous session.
The German DAX was moving up 0.2 percent and France’s CAC 40 was marginally higher while the U.K.’s FTSE 100 was losing 0.2 percent.
Fresenius SE rallied 3.5 percent in Frankfurt after the German health-care provider agreed to acquire IDC Salud Holding S.L.U., Spain’s largest private hospital operator, for 5.76 billion euros on a cash and debt-free basis.
Bayer slipped half percent. The pharmaceutical and crops manufacturer has raised its offer for Monsanto to $ 65bn or $ 127.50 a share.
Airbus Group rose more than 1 percent in Paris after signing deals worth $ 6.5 billion with Vietnam carriers.
Payments firm Ingenico Group tumbled over 13 percent after slashing its full-year targets amid temporary market decline in the U.S.
International Consolidated Airlines Group rallied 1.5 percent in London and EasyJet climbed 1.7 percent on reporting increases in August passenger traffic.
Redrow shares soared 7.5 percent. The housebuilder has proposed a 67 percent increase in its full year dividend after reporting a 23 percent increase in pre-tax profits for 12 months ended June.
Berkeley Group rose almost 3 percent after reiterating its profit guidance through to 2018.
Lender Standard Chartered dropped 1.5 percent after Barclays cut its rating on the stock.
Likewise, Provident Financial lost 2 percent after a price target downgrade from RBC Capital Markets.
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Plantations International