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Market Update

European Stocks Edge Up At Open

European stocks were trading slightly higher in opening trades Tuesday boosted by gains in Asia amid news the Chinese government would take further steps to support economic growth.

At the time of writing, the FTSE 100 was up 0.1% while the CAC 40 Paris and the DAX Frankfurt also edged up 0.1% respectively.

European investors took positive cues from Asia where stocks rose after China's vice premier Zhang Gaoli said the government remained committed to steer the economy towards consumption as well as to fine-tune policies to weed out any prolonged slowdown.

Stocks on the Move

Resources stocks were up spurred by growth prospects in China, the largest consumer of commodities.

Anglo American Plc. rose 2.2% while Glencore Xstrata Plc. gained 2.1%. BHP Billiton and Rio Tinto added around 1.6% each.

Financials traded mixed. French lenders BNP Paribas SA and Societe Generale SA added 0.5% and 0.2% respectively but Credit Agricole SA lost 0.1%,

In London, Lloyds Banking Group eased 0.2% while HSBC Holdings climbed 0.5%.

German banking giant Deutsche Bank AG was up 0.4% even as Commerzbank AG rose over 1%.

In corporate news, drinks firm Diageo Plc. said it has received approval from the Chinese authorities to acquire the remaining 47% stake in Sichuan Chengdu Shuijingfang Group Company Ltd., or SJF Holdco, owned by its Chinese partners for 233 million pounds. Shares of the London-based drinks company were trading little changed, however.

Meanwhile, French telecom giant Orange SA announced plans to invest 30 million euros in video-sharing site Dailymotion to boost sales according to local reports. Shares of Orange rose 2.3% in response.

French conglomerate Vivendi SA bounced 3.4% after the firm said it has entered into exclusive negotiations with Emirates Telecommunications Corp. to sell its controlling stake in African phone operator Maroc Telecom for 4.2 billion euros in cash.