European markets edge higher on improved investor sentiment

Milan shares lead gainers, with FTSE-MIB up 0.8% at 17,315

European markets edge higher on improved investor sentiment

Milan, May 14 - European stocks ended higher Tuesday, reversing earlier losses, boosted by gains on Wall Street and by a positive eurozone economic indicator. US markets moved up, boosting European shares, after top hedge fund manager David Tepper said in a television interview that he was "definitely bullish" on stocks and that "every place is the place to be in stock markets around the world". Meanwhile, eurozone industrial production gained 1% in March on February, helping to lift investor confidence. Leading Europe's gainers Tuesday were Italy's FTSE-MIB, up 0.84% at 17,315.25, followed by the UK's FTSE 100, which closed up 0.82% at 6,686.1. Germany's DAX gained 0.7%, to close at 8,339.1, followed by France's CAC 40, up 0.53% at 3,966.1. Spain's IBEX edged up 0.2% to close at 8,474.6. Milan shares were boosted by Intesa Sanpaolo, which gained 1.9% after reporting better-than-expected quarterly results, and UBI, which also ended up 1.9% helped by positive earnings. Other gainers include luxury goods maker Salvatore Ferragamo, whose shares closed 2.94% higher after it published strong quarterly results, as well as auto giant Fiat, up 2.38%, following broader gains in the European auto sector. Italy continued to benefit from a reduction perceived investor risk Tuesday. The spread between the country's benchmark 10-year government bonds and their German counterparts ended the day at 264 basis points, up from Monday's close of 262 basis points.

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