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Europe: Commodity stocks and Next rally support shares

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European shares were supported in early trading on Tuesday by gains among commodity stocks, while British clothing retailer Next rallied after raising its profit guidance.

[MILAN] European shares were supported in early trading on Tuesday by gains among commodity stocks, while British clothing retailer Next rallied after raising its profit guidance.

The pan-European STOXX 600 rose 0.1 per cent by 0720 GMT, recovering part of the losses suffered in the previous session when worries over a protracted US-Sino trade war sparked profit-taking.

Brent crude prices rising to a fresh four-year high drove shares in oil majors BP and Shell up 0.6 and 0.9 per cent respectively, while commodities trader and miner Glencore added 2.4 per cent after launching a US$1 billion share buyback.

Heavyweight drugmaker Novartis rose 0.9 per cent after saying it would cut about 2,200 jobs in Switzerland over the next four years to help boost profitability.

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Top gainer on the STOXX was Next, up 8.5 per cent.

The clothing retailer reported a 0.5 per cent rise in first-half profit and raised its guidance for the full year after better-than-expected trading in August and early September.

British American Tobacco fell 1.4 per cent after news the cigarettes maker named Jack Bowles as CEO, while rival Imperial Brands added 1.5 per cent following a trading update.

REUTERS

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