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European stocks rise but FTSE underperforms

·Senior City Correspondent, Yahoo Finance UK
·2-min read
FILE - In this Feb. 23, 2016 file photo the bull statue stands in front of the stock market in Frankfurt, Germany. The European Union blocked the proposed merger of Germany's Deutsche Boerse and the London Stock Exchange on Wednesday, March 29, 2017 saying that it had
A bull statue stands in front of the stock market in Frankfurt, Germany. Photo: AP Photo/Michael Probst

European markets moved higher on Tuesday but the FTSE 100 lagged behind in another quiet session.

The CAC 40 (^FCHI) was up 0.4% in Paris by late afternoon and the DAX (^GDAXI) was 0.3% higher in Frankfurt. Spain's IBEX (^IBEX) was flat and Italy's FTSE MIB (FTSEMIB.MI) was 0.6% higher.

The FTSE 100 (^FTSE) was a notable under-performer, having traded flat all day. The more domestic-focused FTSE 250 (^FTMC) performed better, rising 0.4%.

"The quiet atmosphere persists across stock markets, as equities consolidate their gains ahead of the all-important US earnings season, which kicks off tomorrow with the big banks providing plenty of insight into the US economy," said Chris Beauchamp, chief market analyst at IG.

Just Eat Takeaway (JET.L) shot to the top of the FTSE 100 after reporting its fourth consecutive quarter of order growth. JD Sports (JD.L) wasn't far behind after the company predicted a big rebound in profits for the year ahead.

Defence giant Babcock (BAB.L) soared to the top of the FTSE 250 after announcing a self-help plan that will see it hive off non-core assets and cut costs by £40m. Shares gained over 30%.

READ MORE: Goldman Sachs to create hundreds of jobs with new office in Birmingham

Data published early on Tuesday morning showed the early-stages of an economic recovery was already underway in Britain. UK GDP expanded by 0.4% in February, official data showed.

US stocks were mixed after hotly anticipated inflation data came in broadly in-line. Consumer prices rose 0.6% in March, against expectations of 0.5% growth.

The S&P 500 (^GSPC) was 0.1% after just over an hour of trade in New York. The Dow Jones (^DJI) was 0.4% lower and the Nasdaq (^IXIC) had gained 0.7%.

Bitcoin (BTC-USD) hit a new record high above $63,000 ahead of Coinbase's hotly anticipated public market debut in New York on Wednesday.

Markets were broadly positive in Asia overnight. Japan's Nikkei (^N225) rallied 0.7%, South Korea's KOSPI (^KS11) rallied 1.1% and the Hong Kong Hang Seng (^HSI) climbed half a percent. China's Shanghai Composite (000001.SS) dropped 0.6%.

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