Europe open: Shares open higher after gains in US, Asia; NN Grp surges

(Sharecast News) - European shares opened higher on Tuesday following positive sessions in the US and Asia. The pan-European Stoxx 600 index was up 0.56% in early trade. Britain's FTSE 100 outperformed with a 1.38% gain after a public holiday on Monday.

In economic news, German consumer sentiment is expected to deteriorate next month amid high inflation, according to a survey released on Tuesday by market research group GfK.

GfK's forward-looking consumer sentiment index for September fell to -25.5 from -24.6 in August, coming in below consensus expectations for a reading of -24.3.

The survey showed that income expectations suffered another small setback in August, with the index down 6.4 points from July to -11.5. Meanwhile, the index for the propensity to buy declined 2.7 points to -17 points.

In equity news, NN Group surged after the Dutch insurer said its capital position had improved in the first six months of 2023.

Distribution specialist Bunzl also made gains after lifting its annual adjusted operating profit forecast and posting a rise in first-half profits.

Telecom Italia added 2.3% after Milan approved two decrees providing for the economy ministry to take a stake of up to 20% in the phone group's landline grid.

Britvic shares were up as Barclay upgraded its stance on the shares of Britvic and lifted its target price by 10%, saying the "stars are aligning" for the soft drinks maker.

Reporting by Frank Prenesti for Sharecast.com