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(Sharecast News) - European investors shrugged off concerns over the threat of US tariffs on the European Union, sending shares higher as positive eurozone data also boosted sentiment.
The pan-regional Stoxx 600 index was up 0.25% at 548. Germany's DAX gained 0.14% and Britain's FTSE 100 broke through the 9,000 mark for the first time before settling just below the landmark level at midday.
Markets fell on Monday after Trump told the 27-nation bloc that it faced a tariff of 30% despite months of talks. The duty is due to take effect on August 1, and EU officials are rushing to try to secure a trade deal with the US ahead of the deadline.
"Risks are piling up: the risk of global supply chain disruptions, a tariff-led jump in US inflation, pressure on company earnings, an unsustainable surge in G7 debt levels, political risks, geopolitical risks," said Swissquote Bank analyst Ipek Ozkardeskaya
"Even if Trump backs down for now, the measures already in place - coupled with rising borrowing costs - will have real-world consequences sooner rather than later."
Traders are also eyeing reporting season from the big US banks and CPI data later in the day.
In economic news, industrial production in the eurozone sparked in May, official data showed on Tuesday, comfortably beating expectations as US buyers stocked up ahead of tariffs coming into force.
According to Eurostat, the statistical office of the European Union, production rose by 1.7%, a notable improvement on April's 2.2% slide and ahead of forecasts for a more modest 0.9% rise.
Investor sentiment across the eurozone improved to a four-month high this month, but still came in shy of market estimates.
The ZEW economic expectations index, which surveys institutional investors and analysts, inched 0.8 percentage points higher to 36.1% for July.
This was up from the third straight increase following a temporary dip below the zero mark in April, but below the consensus forecast of 37.8%.
In economic news, Ericsson shares fell after the company released its second-quarter earnings.
Accelleron Industries surged after lifting earnings guidance, while UK housebuilder Barratt Redrow plunged as house sales fell short of estimates.
B&M European Value Retail shares plunged to record lows after like for like sales missed expectations.
Reporting by Frank Prenesti for Sharecast.com