European Markets Gain Amid Utilities Surge and Tariff Watch
European stocks rose on Tuesday, led by utilities and telecoms, as investors awaited U.S. tariff policy updates. The STOXX 600 index increased by 0.2%, reaching a seven-week high. Gains were bolstered by the lifting of a U.S. stop-work order on a New York offshore wind facility.
European stocks advanced on Tuesday, driven primarily by utilities and telecom companies, as the market remained cautious ahead of potential updates regarding U.S. tariff policies.
The pan-European STOXX 600 index recorded a modest gain of 0.2% by 0725 GMT, maintaining a seven-week high. Portuguese utility giant EDP Renovaveis saw a 3.5% rise following Deutsche Bank's stock upgrade to a 'buy' rating from 'hold.'
Renewable energy firms also witnessed significant gains, with shares of Oersted soaring by 13.3% and Vestas Wind increasing by 4%, after the Trump administration lifted a stop-work order on an offshore wind facility near New York. This development and the market's adjustment after a credit downgrade by Moody's contributed to overall market stability.
(With inputs from agencies.)
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