European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on US tariff policy that has raised concerns about health of the global economy.
The pan-European STOXX 600 index was up 0.2% by 0725 GMT, hovering at a seven-week high.
Utilities rose 1.1%, with Portugal’s EDP ??Renovaveis climbing 3.5% after Deutsche Bank upgraded the stock to “buy” from “hold.”
Shares of renewable energy firms Oersted jumped 13.3% and Vestas Wind 4% after US President Donald Trump’s administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York.
Broader markets also stabilised after a surprise downgrade by Moody’s on US sovereign credit late on Friday sapped risk appetite.
Investors are also awaiting any trade deals, with Trump’s reciprocal tariffs set to kick in again in early July.
European stocks subdued as corporate news outweighs US credit downgrade
Among other stocks, Salmar dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit.
In the UK, fast food chain Greggs, Upper Crust owner SSP Group and distributor Diploma climbed between 3.7% and 14.5% after reporting results.
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