Europe open: Shares up on Asia rally; Ubisoft gains on Microsoft offer

(Sharecast News) - European shares opened higher on Tuesday after a rally in Asia, while Ubisoft shares jumped after Microsoft submitted a new plan for its planned Activision takeover to appease British competition authorities. The pan-European Stoxx 600 index was up 0.61% in early deals with all major bourses higher.

In economic news, UK government borrowing came in at £4.3bn, lower than the £5bn expected by economists.

In corporate news, BHP Group, the world's biggest miner, said annual profits fell 37% from a year earlier as higher costs and a tight labour market in Australia hit earnings.

Shares in Ubisoft surged as Microsoft offered a new deal on its long-running attempt to buy computer games maker Activision in an effort to gain approval from UK competition authorities.

The US software and tech giant on Tuesday said Activision would sell its non-European streaming rights to Ubisoft Entertainment as part of the new offer.

Reporting by Frank Prenesti for Sharecast.com