European shares inch higher as oil, retail stocks jump

European shares inch higher as oil, retail stocks jump

© Reuters.  © Reuters.

(Reuters) – European shares edged up on Tuesday, lifted by oil and retail stocks, while investors looked past a new national lockdown in Britain to contain a surge in coronavirus cases.

The pan-European STOXX 600 index was up 0.1% by 0814 GMT, after opening slightly lower following losses in Asia and on Wall Street over worries about the runoff Senate elections in the U.S. state of Georgia.

UK's rose 0.6%, boosted by oil majors Royal Dutch Shell (LON:RDSa) and BP (NYSE:BP) providing the biggest support.

British fashion retailer Next jumped 8.2% after it said its Christmas sales were much better than it had expected.

The domestically focussed midcap index inched 0.2% higher, even as a new, more contagious variant of the coronavirus first identified in the United Kingdom prompted a fresh shutdown of schools and businesses.

Germany's DAX index was flat with the government also looking to extend a lockdown.

German chipmaker Dialog Semiconductor PLC gained 4.7% after it gave an upbeat fourth-quarter revenue forecast due to strong demand for 5G phones and tablets.

Original Article

Leave a comment

Send a Comment

Your email address will not be published. Required fields are marked *