European Markets Snapped Their Recent Losing Streak

(RTTNews) - The European markets have been under pressure for the last few sessions, but ended Tuesday's session solidly in positive territory. However, the markets finished off their session highs, as they pared early gains going into the close.

Retailers were among the best performing stocks Tuesday, after positive sales data from Metro and Wm Morrison Supermarkets. Auto makers also turned in a strong performance after Peugeot reported sales results.

Most Asian markets dropped Tuesday, but China's stock market finished with a modest gain. China's offshore yuan firmed above the onshore rate for the first time since October, spurred by what traders called aggressive intervention by Beijing.

Ma Jun, the People's Bank of China's chief economist, said that China's central bank plans to keep the yuan basically stable against a basket of currencies, and fluctuations of the yuan against the dollar will increase.

The Euro Stoxx 50 index of eurozone bluechip stocks increased 1.23 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.97 percent.

The DAX of Germany climbed 1.64 percent and the CAC 40 of France rose 1.53 percent. The FTSE of the U.K. gained 0.98 percent and the SMI of Switzerland finished higher by 1.44 percent.

In Frankfurt, SAP increased 3.66 percent after it reported preliminary results for the fourth quarter and full year 2015.

Metro gained 3.62 percent. The company reported that preliminary like-for-like sales for the first-quarter of 2015/16 rose 0.1%, compared to an increase of 2.3% last year.

Volkswagen rose 3.59 percent and Daimler advanced 1.83 percent. BMW finished higher by 2.15 percent and Continental added 2.06 percent.

In Paris, Peugeot climbed 4.76 percent. The company said it sold 2.973 million vehicles worldwide in 2015, up 1.2% from last year.

Renault increased 2.90 percent and Valeo added 2.68 percent.

In London, Wm Morrison Supermarkets jumped 8.67 percent. In the nine weeks to January 3, the retailer's like-for-like sales, excluding fuel, were up 0.2 percent.

Tesco surged 6.70 percent and J Sainsbury gained 3.25 percent. Burberry also finished higher by percent.

Department store group Debenhams said in its 19-week trading update, that group gross transaction value increased 2.5 percent, and group like-for-like sales went up 1.9 percent on a reported basis and 3.5 percent in constant currency. The stock surged 15.91 percent on the news.

Meanwhile, staffing firm Michael Page declined 8.08 percent. The company experienced tougher trading conditions in Asia Pacific and the U.K. in the fourth quarter.

Gemalto climbed 8.76 percent in Amsterdam. Quebec's driver's license and vehicle registration authority, SAAQ, has declared Gemalto's new central issuance facility for driver's licenses operational.

The French economy is forecast to expand 0.3 percent in the fourth quarter, unrevised from the previous estimate, the Bank of France said Tuesday.

The business confidence index rose slightly to 99 in December, while it was forecast to remain unchanged at 98.

Industrial production increased in December. According to business managers, production will increase again in January.

U.K. industrial production declined at the fastest pace in almost three years in November as warm weather reduced energy demand. Industrial output slid unexpectedly by 0.7 percent month-on-month after staying flat in October, figures from the Office for National Statistics showed Tuesday. Production was forecast to grow 0.1 percent in November.

Like-for-like sales in the United Kingdom were up just 0.1 percent on year in December, the British Retail Consortium said on Tuesday. That was well shy of forecasts for an increase of 0.5 percent following the 0.4 percent contraction in November.