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European stocks on track for seventh month of gains; Arkema, Prosus rise after deals

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European stocks advanced on Tuesday, as they look to record a seventh straight month of gains.

In midday trade, the Stoxx Europe 600 SXXP, -0.39% rose 0.2% to 473.75, taking August gains to over 2%. The index has gained 20% since closing lower for January.

Of the major regional indexes, the German DAX DAX, -0.10% rose 0.6%, the French CAC 40 PX1, -0.32% increased 0.2%, while the U.K. FTSE 100 UKX, -0.64% declined 0.2%. The biggest Stoxx 600 gainer was Arkema AKE, +4.78%, which rose 6% after the French chemicals company agreed to buy the performance adhesives business of Ashland Global Holdings ASH, +0.07% for $1.65 billion. Arkema says the deal will boost earnings from the first year of integration and will boost its profit margin for 2024.

Prosus PRX, +4.82% was also up, with the technology investor rising 5% after its deal to buy India’s BillDesk for $4.7 billion. Prosus was also buoyed by a 3% rise in Tencent 700, +3.31%, in which it has a 29% stake. The biggest Stoxx 600 faller was International Consolidated Airlines Group IAG, -3.69%, which fell 3% as the European Union voted to reimpose limitations on U.S. travel to the Continent.

 

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