Eurozone shares positive as DAX hits fresh record high

Euro zone shares rose on Tuesday and Germany’s DAX hit a fresh record high on Tuesday, bolstered by another day of gains for tech and retail sectors.

Euro zone blue chips rose 0.4 percent while the broader regional index was up 0.3 percent. The DAX scaled a record high at 12,951.54 points in early trading, underpinned by strong consumer, banking and industrial stocks.

The swift rebound in tech stocks over the past week had lifted Wall Street to another record high overnight. In Europe, Germany’s Prosiebensat led gains among media stocks after it sold its online travel agency Etraveli to CVC.

In the UK, gains on the FTSE 100, the worst performing major benchmark in Europe this year, were held in check by weakness in commodities companies, Wolseley and BT, though a weaker sterling helped support exporters. UK midcaps gained 0.2 percent.

Ocado rose 3.7 percent, the top European gainer, as analysts continued to speculate over a potential next target for Amazon after its acquisition of Whole Foods roiled food retailers worldwide. Tuesday’s gains put it on track for its best two-day run in nearly three years.

Analysts at HSBC said Ocado, often mentioned as an M&A target, was the least likely to be snapped up by Amazon if it extends its shopping list to UK supermarkets.

Weaker copper and iron ore prices sent basic resources firms down 1.1 percent, while crude prices remained near sevenmonth lows, weighing on oil and gas stocks.

Japan’s Nikkei share average pared gains after probing its highest levels in nearly two years on Tuesday, powered by record highs on Wall Street, a weaker yen and hopes for the global economy. The Nikkei finished up 0.8 percent at 20,230.41, after rising as high as 20,318.11 in the morning session, its loftiest peak since August 2015.