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European stocks advanced on Tuesday, as they look to record a seventh straight month of gains.
In midday trade, the Stoxx Europe 600
SXXP,
rose 0.2% to 473.75, taking August gains to over 2%. The index has gained 20% since closing lower for January.
Of the major regional indexes, the German DAX
DAX,
rose 0.6%, the French CAC 40
PX1,
increased 0.2%, while the U.K. FTSE 100
UKX,
declined 0.2%.
The biggest Stoxx 600 gainer was Arkema
AKE,
which rose 6% after the French chemicals company agreed to buy the performance adhesives business of Ashland Global Holdings
ASH,
for $1.65 billion. Arkema says the deal will boost earnings from the first year of integration and will boost its profit margin for 2024.
Prosus
PRX,
was also up, with the technology investor rising 5% after its deal to buy India’s BillDesk for $4.7 billion. Prosus was also buoyed by a 3% rise in Tencent
700,
in which it has a 29% stake.
The biggest Stoxx 600 faller was International Consolidated Airlines Group
IAG,
which fell 3% as the European Union voted to reimpose limitations on U.S. travel to the Continent.
