European stocks moved higher on Tuesday as Brent crude fell below $100 a barrel, while eurozone government bond yields declined and the spread between French and German 10-year yields narrowed.
Signs of continued Middle Eastern crude exports accompanied the decline in oil prices.
Germany’s DAX gained 0.6%, France’s CAC 40 rose 0.5% and the UK’s FTSE 100 advanced 0.3%.
German Factory Orders Fall 10.6%
German economic data showed factory orders fell 10.6% month over month in August, following a 3.2% increase in July.
Separate data showed that Germany’s construction sector contracted in September, with housing activity recording a decline.
Despite the economic data, the country’s benchmark equity index remained higher during Tuesday’s session.
Skanska and United Internet Shares Advance
Skanska (TG:SKNB) shares rose after the Swedish engineering and construction company announced an additional contract worth $138 million, or approximately SEK 1.3 billion, for the construction of a technology facility in the United States.
United Internet (TG:UTDI) also advanced after the German internet services company said it would receive 35,352,929 new 1&1 shares at a calculated issue price of €24.05 per share.
Informa (LSE:INF) shares moved higher after the British publishing and exhibitions company agreed to acquire Clarion Events from Blackstone Inc. for £2.24 billion in cash.
Shipping services provider Clarkson (LSE:CKN) also gained after increasing its full-year profit before tax forecast.
Genmab Rises Following Phase III Trial Results
Genmab (TG:GE9) shares advanced after the Danish biotechnology company and its U.S. partner AbbVie (NYSE:ABBV) announced positive results from another Phase III trial evaluating epcoritamab in combination with R-CHOP.
Schneider Electric (EU:SU), meanwhile, declined after Bulgaria-based IoT and smart building solutions company Shelly Group SE said its board supported a takeover offer from the French energy technology company.
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