(Reuters) – European stocks were trading in the black on Tuesday as concerns over a tense standoff between Ukraine and Russia prompted investors to buy shares in defensive sectors such as healthcare and consumer staples.
The pan-European STOXX 600 index rose 0.6% by 0814 GMT after closing at a three-week low in the previous session.
Healthcare and food & beverage sectors, considered relatively stable during times of uncertainty, were among the top gainers, while miners got a boost from Glencore’s 3.9% jump as it sold stake in Russia’s Russneft.
German Chancellor Olaf Scholz heads to Moscow on Tuesday to meet President Vladimir Putin in a high-stakes mission to avert war as more than 100,000 Russian troops mass on Ukraine’s borders.
Shares of Randstad rose 3.6% after the recruitment firm topped market forecasts for fourth-quarter earnings, helped by some big multinational clients going on a hiring spree.
French IT consultancy Capgemini inched up 1.1% despite warning that its operating margin this year will likely be held back by inflationary pressures on salary and the cost of returning to offices.
Flash reading of euro zone’s fourth-quarter GDP data as well German business sentiment data for February are due later in the day.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips)
