Europe close: Stocks rise ahead of US midterm elections
European shares swung into the black on Tuesday as attention turned towards the crucial US mid-term elections which could see the right-wing Republican Party take control of the House of Representatives, while UK house builders fell on the back of a gloomy outlook from Persimmon.
The pan-European Stoxx 600 index was up 0.78% at 421.61, alongside a 1.15% jump for Germany's Dax to 13,688.75, while Milan's FTSE Mib added 0.86% to 23,694.17.
"Millions of Americans will vote in the midterm elections today with expectations that the Republicans could win back the House, making it more difficult for President Biden to pass legislation," said Interactive Investor head of investment Victoria Scholar.
In equity news, Persimmon shares fell as the home builder reported a sharp rise in cancellation rates as demand slowed amid an increase in the cost of mortgages. Rivals Vistry, Bellway, Taylor Wimpey were all lower on the news.
Shares in Danish jewellery maker Pandora were higher after upbeat earnings figures as were those in US-German biotech firm Qiagen.
On the upside, Associated British Foods gained after it reported a jump in full-year sales and profits despite surging input cost inflation, following a bumper performance at its budget fashion brand Primark.