European Shares Rebound As Geopolitical Tensions Ebb

European stocks advanced on Tuesday as concerns over a U.S.-Iran standoff eased, with no immediate retaliation from Iran over the assassination of the country’s top military commander Major-General Qasem Soleimani.

There was some confusion earlier in the day after a letter surfaced showing that U.S.-led coalition troops would leave Iraq. The Pentagon later clarified that it was a mistake and “there has been no decision whatsoever to leave.”

The pan European Stoxx 600 was up half a percent at 418.73 after declining 0.4 percent in the previous session.

The German DAX was climbing 0.8 percent and France’s CAC 40 index was gaining half a percent, while the U.K.’s FTSE 100 traded flat, giving up early gains.

French building materials firm Saint-Gobain traded flat after announcing that it has acquired High Tech Metal Seals or HTMS, a designer and manufacturer of engineered metal seals for the industrial, energy and aerospace markets.

British supermarket chain Morrisons saw its share price climb by 3 percent despite the company reporting a fall in sales over the Christmas period amid “challenging” trading conditions. Marks & Spencer jumped 3.6 percent.

Aston Martin Lagonda Global Holdings slumped 9.5 percent. The manufacturer of luxury sports cars and grand tourers stated that 2019 has been a very disappointing year from a trading perspective.

888 Holdings dropped 1.2 percent. The online gaming entertainment and solutions company said it is confident of achieving an adjusted EBITDA outcome for the year 2019 in-line with its expectations.

Premier Oil shares soared 13 percent. The company reported that its fiscal 2019 production was 78.4 kboepd, at the upper end of full year guidance reflecting high operating efficiency and continued high rates from the Premier-operated Catcher Area.

In economic releases, Eurozone inflation rose to 1.3 percent in December from 1 percent in November, flash data from Eurostat showed. On a monthly basis, consumer prices gained 0.3 percent.

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