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European stocks gain for 6th session, earnings season in focus

European stocks surged on Tuesday as traders turned their attention from worrying about a global trade dispute to focusing on a corporate earnings season widely anticipated to deliver strong results.

Photo: Reuters

The pan-European STOXX 600 index inched up 0.2% to 385.51, on course for its strongest close since June 18.

Britain’s FTSE 100 index was up 0.1 percent at 7,695.91, and France’s CAC 40 index gained 0.4 percent to 5,416.97. Germany’s DAX 30 index was 0.1 percent higher at 12,553.58.

Oil sector was among top gainers, surging 1 percent. Oil advanced on worries over potential supply deficit as Norwegian oil workers were going to strike later in the day.

Shares of interdealer broker TP ICAP slumped as much as 31.5 percent to a two-year weak point, on track for their worst session ever. The company fired Chief Executive John Phizackerley and warned increasing costs would see profit drop short of anticipations this year.

Shares in Ocado slid 2.4 percent after the online supermarket reported a fall in first-half core earnings amid the firm's growing investment spending.

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