European stocks rose Tuesday on the back of solid Chinese data and coronavirus vaccine hopes. China's manufacturing sector logged its strongest growth in a decade in November to indicate a sustained recovery from the Covid-19 outbreak.
Investors shrugged of survey results showing that factory activity growth in the euro area cooled last month amid new lockdown measures.
IHS Markit's final Manufacturing Purchasing Managers' Index (PMI) fell to 53.8 in November from October's 54.8 but came in above the 53.6 flash estimate.
On the other hand, the IHS Markit/CIPS U.K. Manufacturing Purchasing Managers' Index (PMI) rose to 55.6 in November from 53.7 in October, its highest since December 2017 and above an earlier flash reading of 55.2.
The focus now turns to Federal Reserve chairman Jerome Powell's testimony before the Senate Banking Committee later in the day, with investors awaiting fresh clues as to the next moves.
The pan European Stoxx 600 rose 0.8 percent to 392.63 after ending November with gains of nearly 14 percent.
The German DAX and France's CAC 40 index gained over 1 percent each, while the U.K.'s FTSE 100 surged as much as 1.8 percent.
The British pound crossed $1.34 for the first time in three months and also rose against the euro after a U.K. minister warned the EU that Britain will not be "tied to their way of doing things."
It was reported earlier that the European Union will launch contingency measures if there is a no trade deal with Britain by Wednesday or Thursday.
UniCredit shares plunged 6 percent. The Italian lender said that its chief executive officer Jean Pierre Mustier will retire from his role at the end of his mandate which expires in April 2021.
Swiss bakery business Aryzta jumped 4.5 percent. The company said it registered gradual improvements in its first-quarter revenue compared to preceding fourth quarter of fiscal 2020.
Lloyds Banking Group surged 4.2 percent, a day after it hired the HSBC banker Charlie Nunn as its new chief executive.
AstraZeneca added 1.6 percent. The pharmaceutical company has agreed to sell the rights to Crestor (rosuvastatin) and associated medicines in over 30 countries in Europe, except the U.K. and Spain, to Grünenthal GmbH.
Weir Group gained 1.7 percent. The mining technology provider has won a 95 million pounds order to provide aftermarket components and service to the Iron Bridge magnetite Project in Western Australia.
Gold and silver producer Polymetal International rallied 2.2 percent after it announced an initial investment of $0.5 million in exchange for a 35 percent stake in a joint venture with a junior.
French pharmaceutical firm Ipsen rallied 2 percent after issuing its mid-term outlook.
Bayer added 1.5 percent. The German pharmaceutical and life sciences company said that it has placed 54.5 million shares of Elanco Animal Health at a price of $30.25 per share.
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