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European Shares Follow Wall Street Higher

European stocks rose on Tuesday after yet another record close on Wall Street overnight, led by technology shares.

With a strong working majority now confirmed in the National Assembly, market participants bet that French President Emmanuel Macron will forge ahead with pro-EU, business-friendly reforms in order to revive the economy and bring down the unemployment rate.

Investors were also reacting to dovish remarks from Bank of England Governor Mark Carney. The pound hit one-week low after Carney painted a bleak picture of the U.K. economy and said now is not the time to raise the U.K. interest rates.

The pan-European Stoxx Europe 600 index was up 0.2 percent at 392.63 in late opening deals after climbing 0.9 percent the previous day.

The German DAX was moving up 0.3 percent, France’s CAC 40 index was adding 0.4 percent and the U.K.’s FTSE 100 was up 0.1 percent.

Swiss drugmaker Novartis gained more than 1 percent after its eye drug RTH258 (brolucizumab) met the primary and key secondary endpoints in two Phase III studies.

Mediaset rose about 1 percent after the Italian broadcaster acquired an 11.1 percent stake in Mediaset Premium from Spain’s Telefonica for an undisclosed amount.

Dutch brewing giant Heineken rose half a percent ahead of the deadline to address concerns expressed by the competitions watchdog over its planned acquisition of Punch Taverns outlets.

Homebuilders were on the rise in London, with Taylor Wimpey and Persimmon gaining 1-2 percent.

Barclays was marginally lower after the Serious Fraud Office charged the British lender, its former chief executive and three other former top executives with fraud over their actions in the 2008 financial crisis.

In economic releases, figures from Destatis revealed that German producer price inflation eased to a four-month low in May.

Producer prices advanced an annual 2.8 percent, slower than the 3.4 percent growth seen in April and the 2.9 percent increase economists had forecast.

Separately, a report from…

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