European equities closed sharply higher on Tuesday, with a surge inhelping to boost investor sentiment.
The pan-Europeanclosed around 1.3 percent higher, with ending 1.6 percent up. The French closed 1.4 percent higher, while soared to end over 2 percent higher.
Among U.K. retailers,surged to close around 4.5 percent higher after the announcement that CEO Dalton Philips would leave the firm.
London’s, in which the supermarket chain features, ended unofficially 0.7 percent higher.
Meanwhile, shares in U.K. online retailerrose as much as 9 percent after it posted a 15 percent rise in Christmas sales.
was the major laggard for the sector, with shares falling as much as 8 percent after its trading update highlighted a slight dip in sales over the last 19 weeks.
Markets had opened in negative territory, with investors continuing to fret about the falling price of oil.
, extending the second-deepest rout on record, after Goldman Sachs slashed its short-term price forecasts and Gulf producers showed no sign of curbing output. Heavily-weighted stocks like , and fell in early deals but staged a turnaround in later in the day.
U.S. stocks rallied on Tuesday, with equities bouncing back after a two-session drop, after aluminum-producerkicked off the fourth-quarter earnings season by beating estimates.
Meanwhile, the rate of inflation in the U.K., according to new data on Tuesday morning. This was its lowest level in 14 years.
, as traders weighed a better-than-expected trade report from the Chinese mainland and the continued fall in global oil markets.
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