European shares rise on trade optimism; Michelin inflates tire makers, autos - Ester Holdings

European shares rise on trade optimism; Michelin inflates tire makers, autos

LONDON (Reuters) – European shares opened higher on Tuesday as investors cheered signs of a compromise in the standoff over the U.S. government funding and positive signals around U.S.-China trade talks, while Michelin’s results pumped up tire stocks.

The pan-European STOXX 600 was up 0.6 percent at 0940 GMT, with Germany’s trade-sensitive DAX up 1.1 percent and Paris’ CAC 40 up 0.8 percent.

Automakers and their suppliers were the biggest gainers, up 2 percent after Michelin delivered better-than-expected results and pledged further gains in operating profit this year despite challenging conditions.

The French tire maker’s shares rallied more than 10 percent and were on track for their best day in nearly a decade.

Italy’s Pirelli and Germany’s Continental were among the top gainers in their domestic markets and on the STOXX 600.

London indices underperformed their euro-zone peers amid caution ahead of a parliamentary address by British Prime Minister Theresa May later in the day as she struggles to secure a Brexit deal.

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