European markets edge higher; Meggitt up 13%

European markets inched higher Tuesday as investors waited for details on tax reforms in the U.S.

Symbol
Name
Price
Change
%Change
Volume
FTSE FTSE 7263.44
10.44 0.14% 1012286963
DAX DAX 11834.41
UNCH 0% 0
CAC CAC 4858.58
UNCH 0% 99703794
IBEX 35 IBEX 35 Idx 9555.50
UNCH 0% 0

The pan-European Stoxx 600 hovered around the flatline during trading and closed 0.19 percent higher, mainly supported by retail stocks.

The FTSE ended the day up 0.14 percent; the DAX closed at 0.1 percent; and the CAC ended up at 0.28 percent.

The British defense and energy engineer Meggitt ended the day at the top of the European benchmark, having jumped 13 percent Tuesday after announcing an increase in revenue for 2016. The Spanish company Ferrovial also ended the day up 4.3 percent after presenting its full year results.

On the other end, the price comparison platform Moneysupermarket Group closed the day down 6.06 percent given that its revenue for 2017 is running behind last year, Reuters reported. In early trading it fell more than 12 percent. St James’s Place also fell nearly 6 percent in early trading, before recovering slightly, following that news that its CEO David Bellamy will step down.

The Food and biopharma product testing Eurofins saw its worst day in eight months, after lower-than-expected earnings. Its shares closed the day down 2.19 percent.

Apart from earnings, investors are also watching developments in the U.S. President Donald Trump is set to address both houses of Congress and outline his agenda, including his plans for tax reform and infrastructure spending. He is set to ask for a new $600 billion budget for the U.S. military.

Wall Street opened slightly lower as investors await his first speech to lawmakers.

In terms of data, the latest French inflation figures showed a small decrease to 1.2 percent on the year in February after reaching 1.3 percent in the previous month.