Rio Tinto and Glencore are back in talks about a possible $260 billion megadeal
Rio Tinto
LONDON — European stocks were higher on Tuesday as global markets settled following a short-lived sell-off in cryptocurrencies and precious metals.
Shortly after the opening bell, the pan-European Stoxx 600 was 0.6% higher, with most sectors and all major regional bourses in positive territory. Mining stocks led the gains, with the Stoxx Basic Resources index jumping 1.8% as precious metals rebounded from a historic selloff.
The U.K.’s FTSE index opened just above the flat line, and Germany’s DAX and France’s CAC 40 were both over 0.4% higher.
Global markets appear to be calmer after a few days of volatility with gold, silver and cryptocurrency bitcoin plunging last Friday and over the weekend. Precious metals prices rebounded on Monday, however.
In corporate news, a U.S. judge ruled on Monday that Danish offshore wind giant Orsted can resume its Sunrise Wind project off the coast of New York after it was halted by the Trump administration. The ruling means all five of the offshore wind projects suspended by the White House are able to proceed, dealing a blow to the administration’s efforts to thwart wind power development.
Shares were last seen trading around 1% lower.
Futures linked to the S&P 500 traded higher Monday night after U.S. equities posted a strong start to the new trading month.
Meanwhile, Asia-Pacific markets rose overnight after President Donald Trump said Washington and India had struck a trade deal, and that Indian Prime Minister Narendra Modi had agreed to step up purchases of U.S. products.
Under the deal, India will also stop its purchases of Russian crude oil and instead buy more from the U.S., and potentially, Venezuela, Trump commented in a Truth Social post. India’s benchmark Nifty 50 stock index rose 5% at the open Tuesday, following the president’s comments.
Earnings in Europe come from Publicis and data releases include French inflation and Spanish unemployment figures.