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European stocks inched higher on Tuesday, with U.K. equities driving the market action as most of the region’s markets were closed for May Day.
What are markets doing?
The Stoxx Europe 600 index was marginally higher at 385.44, adding to a 0.2% rise from Monday.
The U.K.'s FTSE 100 index added 0.1% to 7,520.08, on track for its highest close since Jan. 31, according to FactSet data.
The pound fell to $1.3742 compared with $1.3765 late Monday in New York, while the euro slipped to $1.2053 from $1.2079.
Stock markets were closed across most of Europe in observance of May Day or Labor Day, including in France , Germany , Spain and Italy .
What is driving the market?
With most markets closed, attention turned to corporate news in the U.K., where oil giant BP reported its strongest quarterly profit since mid-2014, lifted by higher oil prices and rising production. Shares climbed 1.4%, setting the stock on track for its highest close since May 2010.
Also in focus, U.S. President Donald Trump on Monday eased pressure on the European Union, giving the bloc more time to negotiate deals that would keep it exempt from U.S. aluminum and steel tariffs.
What are strategists saying?
“With most of Europe off for the May Day holiday, any market reaction to President Trump’s decision to extend for thirty days the EU’s exemption to the aluminum and steel tariffs will have to wait until tomorrow,” said Michael Hewson, chief market analyst at CMC Markets UK, in a note.
Stock movers
Shares of J Sainsbury PLC rose 1.5%, adding to a 15% rally from Monday that came after news the supermarket chain has agreed to merge with Walmart Inc.’s British unit, Asda Group Ltd.
Just Eat PLC said first-quarter revenue jumped 49%, sending the shares 4.1% higher to the top of the FTSE 100.
Carlsberg A/S rose 0.5% after the Danish brewer said it was on track to deliver its full-year expectations.