European Shares Rise Even As Miners Underperform

(RTTNews) - European stocks opened higher on Tuesday as oil prices stabilized and Chinese stocks steadied after falling more than 2 percent the previous day. While most Asian stocks erased early losses to end higher, trading in U.S. stock futures indicate a positive opening after a flat session overnight.

The pan-European STOXX 600 index was up 0.9 percent after ending down around half a percent the previous day. The German DAX was rallying 1.5 percent and France's CAC 40 was moving up 1.3 percent. The U.K.'s FTSE 100 was up 0.6 percent as trading resumed following the festive break.

Deutsche Bank shares rose nearly 2 percent in Frankfurt after the lender agreed to sell its entire 19.99 percent stake in Hua Xia Bank to China's PICC Property and Casualty Company for a consideration of 23.0 billion to 25.7 billion yuan.

Rival Commerzbank gained 0.6 percent, French lender BNP Paribas rose half a percent and British bank Barclays added 1.2 percent.

Adidas shares advanced 1.3 percent. The company is not facing pressure to offload more assets, its finance chief said in an interview with the Financial Times.

Energy and mining stocks lagged, with Anglo American plunging almost 5 percent in London after the mining giant agreed to sell its Dartbrook Coal Mine near Aberdeen to Australian Pacific Coal. BHP Billiton dropped half a percent and BP Plc lost 1.9 percent.

ZinCOx Resources tumbled 42 percent after the company said it would start cutting costs and jobs across the business in order to shore up its financial position.