European stocks advanced on Tuesday after the General Services Administration told U.S. President-elect Joe Biden they're ready to start the formal transition process.
Encouraging developments related to coronavirus vaccines, a possible easing of lockdowns in France and media reports suggesting that Biden would pick former Federal Reserve Chair Janet Yellen to be the next Treasury secretary also helped underpin investor sentiment.
The pan European Stoxx 600 rose 0.6 percent to 391.28, while the German DAX, France's CAC 40 index and the U.K.'s FTSE 100 were up between 0.7 percent and 1 percent.
Total SE rallied 3.5 percent, BP Plc jumped 5.5 percent and Royal Dutch Shell climbed 3.3 percent after global crude prices hit their highest levels since March.
Symrise declined 1.7 percent. Sensient Technologies Corp announced that it has agreed to sell its fragrance and aroma chemicals business to Symrise.
Deutz AG slumped 4.5 percent. The German internal combustion engine manufacturer has adjusted its existing outlook of an increase in revenue to 2 billion euros, along with an EBIT margin before exceptional items of 7 to 8 percent for 2022.
Evotec SE gave up 1 percent after it entered into discovery and development partnership with a Finland-based biopharmaceutical company, Rappta Therapeutics, to focus on an oncology target.
London-based insurer Phoenix Group Holdings rose half a percent. In response to recent press speculation, the company confirmed that it is assessing a range of strategic options for its European businesses, Phoenix Europe.
In economic releases, the German economy rebounded at a faster than expected pace in the third quarter, offsetting a large part of the massive contraction in the second quarter, revised data from Destatis revealed today.
GDP grew 8.5 percent sequentially in the third quarter, reversing the 9.8 percent decline in the second quarter caused by the coronavirus pandemic, following the relaxation of Covid-19 restrictions.
The third quarter GDP rate was revised up from 8.2 percent estimated on October 30.
French manufacturing sentiment deteriorated in November in the context of a second national lockdown, survey results from the statistical office Insee revealed.
The manufacturing confidence index fell less-than-expected to 92 in November from 94 in October. The expected reading was 91.
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