European stocks opened higher on Tuesday and are on track for strong quarterly gains, while investors await a busy schedule of economic data and a series of high-profile speeches from global central bank officials later in the day.
The pan-European STOXX 600 index rose 0.40% in early trading, putting it on track for a 9.70% gain over the quarter.
Germany’s DAX index rose by 0.80%, Britain’s FTSE 100 index climbed by 0.20%, France’s CAC 40 index gained 0.30%, while Italy’s FTSE MIB index recorded gains of 0.40%.
On a quarterly basis, Italian stocks were on track to outperform their regional counterparts, driven by huge gains in the banking sector following a wave of mergers and acquisitions activity over the past three months.
In contrast, Britain’s FTSE 100 index lagged behind its continental counterparts, as investors remained wary of building large positions in British stocks amid persistent concerns about the widening public finance deficit and ongoing efforts by policymakers to stimulate sluggish economic growth.
European markets generally lagged behind Wall Street and Asian indices during this quarter, primarily due to a lower concentration of major technology stocks in them.
The heavy weighting of technology and artificial intelligence stocks helped push US and Asian indices to record highs earlier this year, even amid escalating geopolitical tensions between the United States and Iran.
All eyes are on Cintra's data and speeches.
Monetary policy is also a focus of attention as the European Central Bank's annual forum continues in Sintra, Portugal.
Investors will be closely watching comments from the European Central Bank's chief economist Philip Lane, along with board members Isabel Schnabel and Frank Eldersson, for clues about the future path of interest rates in the Eurozone.
The event will culminate in a widely anticipated monetary policy panel discussion featuring newly appointed Federal Reserve Chairman Kevin Warsh – in his first major international appearance – alongside Bank of England Governor Andrew Bailey.
On an individual stock level, Maersk shares rose by 3.00% after the company raised its annual profit forecast.
Aino Health shares jumped 50.00% after receiving a takeover offer.
