Europe’s stock markets came back down to earth on Tuesday with moderate gains as investors shifted their focus away from politics and back to business fundamentals.
A win for centrist candidate Emmanuel Macron in the first round of the French presidential election had sparked a global rally in risk assets on Monday as investors breathed a sigh of relief over the reduced chances of a nationalist upset.
France’s CAC 40, which rallied more than 4 percent on Monday, ended Tuesday’s session up 0.17 percent.
In London, British shares edged higher as corporate results indicated tougher times ahead for consumer goods firms. The FTSE 100 rose 0.15 percent.
Among the bigger losers restaurant and pub owner Whitbread and floor-covering retailer Carpetright. They were down due to slowing sales growth, which adds to the evidence of deteriorating UK consumer confidence.
Fashion retailer Christian Dior rocketing 13 percent on a buyout deal as French billionaire Bernard Arnault moved to fully combine it with his LVMH luxury goods empire.
In the commodities world oil prices continued to slump due to doubts about OPEC’s ability to reduce the glut of crude. The price has been down for six of the past seven days.