Europe closes on the upper end as investors eye Trump meetings

Markets in Europe closed up higher on Tuesday as investors focused on an upcoming meeting between U.S. President Donald Trump and China’s President Xi Jinping.

The FTSE 100 finished the day up 0.54 percent, the German DAX was up 0.21 percent, and the French CAC finished the day higher by 0.3 percent.

The pan-European Stoxx 600 seen higher 0.2 percent by the close of play Tuesday. Basic Resources led the gains, up 1.45 percent, as gold mining company Centamin and metals and mining business Rio Tinto headed to the top of the market.

Industrials were also among those seen higher, up 0.32 percent. British-based manufacturing company Rotork was among the best performers on the European benchmark in afternoon trading, up by 4.3 percent.

Meanwhile, stocks in the auto sector led the falls, dropping 0.59 percent, after U.S. data showed a slowdown in car sales.

Shares in the telecommunications sector dropped 0.45 percent in afternoon trade with Telecom Italia falling 2.6 percent. This followed reports that its French rival Iliad wants to reach 25 percent of the Italian mobile market.

Banking stocks also dropped during afternoon trade, down by 0.5 percent, with the German lender Deutsche Bank leading the losses. Its shares were down by more than 0.67 percent as it reshuffled more executives while continuing to search for a new chief financial officer.

Retail stocks were also trading in negative territory. The market research company Kantar showed Tuesday that the big U.K. supermarkets are going through a troubling time with sales dropping as inflation jumps. Sainsbury’s shares were 2.1 percent down on Tuesday. The online fashion retailer Asos fell 3.2 percent on Tuesday despite announcing higher profits. Investors were not happy with the company’s declining margins.

Imagination Technologies was trading 12.5 percent higher on Tuesday after dropping more than 60 percent on Monday following an announcement by Apple that it was ending its contract with the firm.