6:30AM European stocks advance on Tuesday helped by banks and export stocks.
European markets were higher on Tuesday. By mid morning, the FTSE 100 in London climbed 0.1% to 6,208.4, Frankfurt Xetra Dax gained 0.2% to 6,463.39, and the CAC 40 in Paris added 0.2% to 5,467.1.

Advancers

Swatch Group, the Swiss watchmaker, led the advancers after the Federal Customs Office of Switzerland said exports of watches rose 15.5% year-on-year in October. Swatch shares gained 2.9%.

Richemont, the maker of Cartier watches, gained 1% after Goldman Sachs, which rates the company conviction buy, raised its full-year earnings per share estimates.

Interdealer broker Icap Plc announced that its first-half adjusted profit rose 23% to 120.8 million pounds, with revenue up 22% to 542.8 million pounds after growth in the interdealer market, in particular in energy, transport, credit and equity derivatives products. Profit for the year is expected to be in line with analysts'' expectations, it added.

Banca Monte dei Paschi di Siena, the Italian bank, rose 2.1% after French insurer CNP Assurances said it was interested in bidding for a stake in MPS Vita, Monte Paschi’s insurance division. Shares in CNP were 0.6% higher.

British Land led a rally in property stocks after it reported a better-than-expected rise in net asset value, an important performance measure in the sector. Its shares gained 0.9%. Stock exchange operator Deutsche Boerse increased 1.6% following recent M&A moves in the sector.

Decliners

On the downside, German tyre maker Continental fell 1.4% after loss-making Russo-Dutch rival Amtel-Vredestein announced the two companies were in talks about a possible joint venture.

Oil and gold

Crude oil gained on trader speculation that rising demand will cut U.S. fuel inventories and the OPEC may agree to lower production for a second time in two months. Crude oil for January delivery rose as much as 40 cents, or 0.7%, to $59.20 a barrel in after-hours electronic trading on the NYME. It was at $59.05 in early trading in London. Brent crude oil climbed as much as 40 cents, or 0.7%, to $59.38 a barrel on the ICE Futures exchange. Gold traded in London at $625.00 bid per troy ounce, up from $624.10 late Monday.


Currencies

The U.S. dollar was lower against other major currencies in European trading Tuesday morning. The euro was quoted at US$1.2817, up from $1.2813 late Monday. The British pound was quoted at $1.8981, up from $1.8966. The dollar bought 118.01 Japanese yen, down from 118.09.