European markets were higher Tuesday, with the FTSE 100 hitting an intraday record high as investors built on positive momentum in the previous session.
The pan-European benchmark Stoxx 600 index was up 0.8% by 2:00 p.m. London time, with the majority of sectors trading in positive territory. Retail stocks led gains, rising 2%, while mining stocks fell 1.4%.
The U.K.’s FTSE 100 extended gains, rising 0.55% to trade at an all-time intraday high of 8067.73 in early deals, before dipping slightly. That comes after the index clocked its fourth daily gain Monday and surpassed its previous record close set on Feb. 20, 2023.
U.K. stocks were boosted while sterling tumbled against the U.S. dollar as investors raised bets on a summer interest rate cut from the Bank of England.
Investors in the region are looking ahead to bank earnings this week, and will be keeping an eye on a range of tech earnings stateside, with Tesla reporting during U.S. trading hours Tuesday.
In Europe Tuesday, Renault, Kering, OVH, Novartis and Associated British Foods all reported earnings. On the data front, preliminary manufacturing and services purchasing managers’ index data for the euro zone in April was also released.
Overnight, Asia-Pacific markets extended gains from Monday as investors look toward flash business activity figures from Australia, Japan and India. U.S. stocks rose at Tuesday’s open.