European shares traded largely unchanged on Tuesday after breaking through a key psychological level in the previous session, as rising precious metal prices supported gains in basic resources stocks.
The recent rally has remained resilient, with investors continuing to bet on underlying economic strength despite heightened geopolitical tensions following U.S. strikes on Venezuela.
The pan-European STOXX 600 was up 0.3% by 08:14 GMT, extending momentum from Monday when advances in defense and energy stocks pushed the benchmark above the 600-point level for the first time.
Basic resources shares outperformed, with the sector index climbing 1% as higher precious metal prices lifted mining stocks.
Germany’s DAX rose 0.2% to a fresh record high. Strategists at Goldman Sachs said Germany’s fiscal stimulus is expected to be a major source of support for euro zone growth this year.
Spain’s IBEX 35 gained 0.4%, also reaching a record high.
Market attention is now turning to a heavy schedule of economic data due later in the day. Investors are set to assess German inflation figures along with a series of manufacturing surveys from the United States and across Europe, including the United Kingdom, France, Germany, and Italy.
In France, preliminary data showed consumer price inflation in December rose slightly less than forecast, leaving the country’s main stock index little changed.
Among individual stocks, shares of InPost surged nearly 15% after the parcel locker operator said it had received an indicative proposal related to a potential acquisition of all its outstanding shares.
