(CercleFinance.com) – European stocks posted gains on Tuesday (+0.5% in London and Frankfurt, +0.2% in Paris), suffering only an unsurprised drop in the ZEW indices reflecting the deterioration in the German economic situation and outlook.

The indicator that assesses the country’s prospects fell slightly 1.5 points to stand at -55.3 for the month of August, while the current situation indicator fell 1.8 points to stand at -47.6 today.

“Still high inflation rates and expected additional costs for heating and energy lead to lower earnings forecasts for the private consumption sector,” notes Michael Schröder, the head of the survey.

‘On the other hand, expectations regarding the financial sector are improving due to the supposed new rise in short-term interest rates’, however, the researcher from the Mannheim-based institute points out.

In other data released this morning, the unemployment rate in the United Kingdom fell 0.1 points in the three months ending in June, to 3.8%, and the trade deficit in the eurozone widened in June compared to May, in 30.8 billion euros.

In stock news, BHP rose 4% in London, hailed by record underlying earnings revealed by the Australian mining company for its 2021-22 fiscal year, and accompanied by a generous final dividend.

Philips gains 2% in Amsterdam, while the medical equipment supplier announced the departure, in October, of its CEO, Frans van Houten, and his replacement by the current head of the connected health branch, Roy Jakobs.

Pandora, for its part, lost more than 7% in Copenhagen, although the world’s leading jeweler published results in line with expectations for its second quarter and confirmed its objectives for the full year.