European stocks rose after Wall Street hit new highs

Spark global limited reports:

European stocks rose Tuesday morning, following Wall Street’s record late Monday, as continued strength in oil prices boosted investor confidence.
In London, the FTSE 100 was up 0.3 percent at the start of trading, extending this week’s gains. The CAC index in Paris rose 0.1 percent and the DAX in Frankfurt rose 0.4 percent.
Traders will be looking ahead to the UK’s autumn budget on Wednesday, however, many of the announcements by Rishi Sunak, finance minister, have already been reported, including lifting the public sector pay freeze and raising the minimum wage.

In Europe, German exports were hit by shortages last month. The Ifo Institute’s export expectations index fell to 13.0 points from 20.5 in September, its lowest level since February.
Read more:2021 Budget Preview: What to expect from Finance Minister Rishi Sunak
Across the Atlantic, STANDARD & Poor’s 500 index futures (ES=F) rose 0.3 percent, Dow Jones index futures (YM=F) rose 0.1 percent and Nasdaq futures (NQ=F) rose 0.5 percent as European trading began.

Tesla’s market capitalization soared to $1tn for the first time, sending the S&P 500 and Dow Jones to new highs last night. Elon Musk’s electric car maker has secured an order for 100,000 vehicles from rental company Hertz.
Meanwhile, Asian markets were mixed on Tuesday after another property developer defaulted, adding to worries about the property sector stemming from the Evergrande Group’s (3333. HK) debt crisis.
Hyundai Land (1107. HK) said it had missed a debt payment due to “unexpected liquidity issues”. The move comes after Fantasia Holdings Group (1777. HK) defaulted on a DOLLAR bond due in early October.
The Nikkei closed higher, Tokyo rose 1.8%, Hong Kong’s Hang Seng fell 0.6% and the Shanghai Composite fell 0.3%.
Elsewhere, oil prices remained near records after Brent crude hit a three-year high of $86.5 a barrel on Monday. Oil prices have more than doubled from about $40 a barrel a year ago as demand for energy suddenly rose in the wake of the pandemic and supplies remained tight.