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(Sharecast News) - Stocks rose on Tuesday after two days in the red, as a raft of well-received corporate earnings and rising hopes about a US-China trade deal lifted sentiment.
All major markets posted a decent performance, including gains of 0.6-0.7% in London and Paris, a 1.0% jump in Frankfurt and a 1.2% surge in Milan. The Stoxx 600 benchmark, however, rose just 0.3% due to the composition of the index.
US Treasury chief Scott Bessent arrived yesterday in Sweden with China's vice-premier He Lifeng for further trade talk. Meanwhile, in the US, Commerce Secretary Howard Lutnick told Fox News that a delay to a higher tariff deadline was probable.
Trump caused market chaos earlier this year after slapping China with 145% duties, but then announced a 90-day pause, lowering tariffs to 30%. The current deadline for a deal is August 12.
"[Talks] are expected to result in an extended tariff deadline which, investors hope, should help both sides ultimately reach an agreement," said David Morrison, senior market analyst at Trade Nation.
European markets had risen strongly in early trading on Monday before erasing gains by the close of play as investors digested the EU-US trade deal agreed at the weekend.
Philips, EssilorLuxottica and Games Workshop jump
Shares in Philips surged 9% in Amsterdam on Tuesday after the health tech giant raised full-year guidance on the back of a lower-than-predicted hit from trade tariffs. The Dutch firm said it now expects adjusted EBITDA margins to be 50 basis points higher than the previous range at 11.3-11.8%, with the estimated net tariff impact at 150-200m "after substantial mitigations", down from earlier forecasts of a 250-300m hit.
EssilorLuxottica was up 6% after the eyewear brand posted a stronger-than-expected rise in revenue for the first half, buoyed by surging demand for its AI-powered eyewear and robust performance in Europe.
Warhammer maker Games Workshop was the standout performer in London, jumping 5% as it hailed a record year, posting a 29.5% jump in profits to 263m, beating its own guidance.
Also higher was UK lender Barclays which advanced 3% as it reported a 23% rise in half-year profit and said it would start a 1bn share buyback, while Croda International tumbled 9% as it posted an 18% drop in first-half operating profit.