European stocks rose as exchanges opened on Tuesday, after positive sentiment was sparked by moves the new United Kingdom chancellor of the Exchequer announced yesterday as part of the effort to restore stability in British finances. Furthermore, a UK media report claimed this morning that the Bank of England will likely postpone the start of bond sales to give markets more time to recover from recent distress. Meanwhile, the third quarter earnings season continued for European companies as well.
The DAX gained 1.12% at 9:02 am CET with Coverstro, its best performer, climbing 2.89% at 9:04 am CET. London's FTSE 100 was up 0.81% at 9:00 am CET as Legal & General Group advanced 2.74% at 9:01 am CET. The CAC 40 increased by 0.98% at 9:00 am CET. Publicis Groupe led the gains with a 3.46% jump at 9:01 am CET.
The euro was 0.18% higher than the dollar, changing hands for 0.98614 at 8:59 am CET. The British pound decreased by 0.10% compared to the greenback, going for 1.13486 at the same time.
