Advertisement
Singapore markets closed
  • Straits Times Index

    3,173.55
    +1.62 (+0.05%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • Dow

    38,790.43
    +75.63 (+0.20%)
     
  • Nasdaq

    16,103.45
    +130.25 (+0.82%)
     
  • Bitcoin USD

    63,132.46
    -4,947.74 (-7.27%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,708.18
    -14.37 (-0.19%)
     
  • Gold

    2,156.40
    -7.90 (-0.37%)
     
  • Crude Oil

    82.63
    -0.09 (-0.11%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • Nikkei

    40,003.60
    +263.20 (+0.66%)
     
  • Hang Seng

    16,529.48
    -207.62 (-1.24%)
     
  • FTSE Bursa Malaysia

    1,544.96
    -8.68 (-0.56%)
     
  • Jakarta Composite Index

    7,336.75
    +34.30 (+0.47%)
     
  • PSE Index

    6,848.43
    -4.86 (-0.07%)
     

European stocks close higher but miners hit, FTSE down

AFP | DPA | Getty Images

European stock indexes closed higher on Tuesday, with the exception of the U.K.'s benchmark FTSE 100 (FTSE International: .FTSE), which was knocked by the weak performance of mining stocks.

The pan-European STOXX 600 index (^STOXX) closed 0.5 percent higher, with most sectors in positive territory.

The notable underperforming sector was basic resources, which ended down 2.9 percent. Miners were the worst performing stocks in the basic resources index, with Antofagasta (London Stock Exchange: ANTO-GB), Randgold Resources (London Stock Exchange: RRS-GB), Glencore (London Stock Exchange: GLEN-GB), Rio Tinto (London Stock Exchange: RIO-GB), Fresnillo (London Stock Exchange: FRES-GB) and BHP Billiton (London Stock Exchange: BLT-GB) all ending more than 3 percent lower.

As a result, the FTSE 100, which is heavily weighted towards basic resource companies, ended provisionally down 0.2 percent underperforming its continental peers.

ADVERTISEMENT

The French CAC (Euronext Paris: .FCHI) ended up unofficially 0.9 percent and the German DAX (^GDAXI) was 1.1 percent higher.


Mining stocks were hit by declining precious metals prices. Spot gold (Exchange:XAU=) and silver (Exchange:XAG=) traded lower on the day and palladium futures for September (Exchange:XPD=) were down 1.6 percent.

Gold, in particular, is sensitive towards hints of rising U.S. interest rates. Higher interest rates increase the opportunity cost of holding non-yielding assets, like metals, and boost the value of the U.S. dollar (Intercontinental Exchange US: .DXY), in which metals are priced.

U.S. stock indexes slipped on Tuesday, as investors awaited key jobs data on Friday that may influence if the U.S. Federal Reserve hikes interest rates in September.

Asia markets rebounded on Tuesday as Japanese shares reversed early losses following the release of data on Japanese household spending , unemployment and retail sales.

In business news, the European Commission ruled on Tuesday that Apple (AAPL) must pay Ireland $14.5 billion — plus interest — in back taxes. The executive arm of the European Union concluded that Ireland had granted undue tax benefits to the the tech giant. Apple's U.S.-listed stock traded 0.8 percent lower, with its Frankfurt-listed stock ending down around 0.3 percent.

There were no major European earnings or data releases Tuesday.

Follow CNBC International on Twitter and Facebook.



More From CNBC

  • Top News and Analysis

  • Latest News Video

  • Personal Finance