European stocks closed higher on Tuesday as investors continued to watch the rally in energy prices and the European Union’s response to the biggest energy and geopolitical crisis in decades.
The European Commission today proposed a plan to rid Europe of Russian fossil fuels long before 2030, starting with natural gas.
The plan also outlines a series of measures to tackle rising energy prices in Europe and to replenish gas reserves for next winter.
The REPowerEU project will seek to diversify gas supply, accelerate the use of renewable gases and replace natural gas in heating and electricity generation. That could reduce EU demand for Russian gas by two-thirds before the end of the year, the commission said.
On the board, the pan-European STOXX 600 index closed after large fluctuations with losses of 0.5% to 415.01 points.
The German DAX closed with marginal losses of 0.02% at 12,831.51 points, the French CAC 40 lost 0.3% at 5,962.96 points, while the British FTSE 100 closed with small gains of 0.1% at 6,964.11 points .
In the periphery, the Italian FTSE MIB gained 0.8%, while the Spanish IBEX 35 jumped 1.8%.
At the macro level, economic growth in the eurozone was boosted mainly by investment and increased inventories in the last quarter of 2021, according to data released today by Eurostat.
The European Union statistical office confirmed its initial estimates that Eurozone GDP grew by 0.3% on a quarterly basis and 4.6% on an annual basis. Investments added 0.7% to quarterly growth, inventories a further 0.3% and government spending 0.1%.
In addition, German industrial production increased in January, exceeding estimates despite problems in the supply chain. Total industrial production increased by 2.7% in January compared to the previous month, in calendar adjusted terms, according to the statistical service Destatis.
Source: Capital
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