stock moves, news, data and earnings
A stock exchange in Germany.
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Stocks exposed to the Chinese market and consumers popped on Tuesday with miner Antofagasta the top performer on the Stoxx 600. Shares of Antofagasta rose 7%, while other miners Anglo-American, Glencore and Rio Tinto all jumped more than 4%.
Auto stocks were among the top performers too, with BMW up 3.7%, Valeo up 2.3% and Volkswagen nearly 2% higher, respectively.
Market participants were also keeping an eye on shares of Commerzbank Tuesday after the stock fell around 5.7% during the previous session. Shares of Commerzbank provisionally ended 2.2% higher.
UniCredit announced Monday it had increased its stake in the German lender to around 21% and submitted a request to boost that holding to up to 29.9%, signaling a takeover bid might be in the cards. Earlier this month, the Italian bank took a 9% stake in Commerzbank, confirming that half of this shareholding was acquired from the German government.
U.S. stocks pulled back from record levels on Tuesday after a weaker-than-expected consumer confidence reading.
The Conference Board’s Consumer Confidence Index slid to 98.7 in September, down from 105.6 in August, the biggest one-month decline since August 2021. The Dow Jones consensus forecast was for a reading of 104.
The gains were modest but appeared to be a continuation of last week’s rally after the U.S. Federal Reserve cut interest rates by half a percentage point. The fed funds rate now sits at a range of 4.75% to 5.00%