European stocks advanced on Tuesday, as they look to record a seventh straight month of gains.
In midday trade, the Stoxx Europe 600
SXXP,
-0.37%
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,
-0.07%
rose 0.6%, the French CAC 40
PX1,
-0.33%
increased 0.2%, while the U.K. FTSE 100
UKX,
-0.62%
declined 0.2%.
The biggest Stoxx 600 gainer was Arkema
AKE,
+4.82%,
which rose 6% after the French chemicals company agreed to buy the performance adhesives business of Ashland Global Holdings
ASH,
+0.07%
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,
+5.07%
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,
+3.31%,
in which it has a 29% stake.
The biggest Stoxx 600 faller was International Consolidated Airlines Group
IAG,
-3.74%,
which fell 3% as the European Union voted to reimpose limitations on U.S. travel to the Continent.
