European Markets Finished Higher Despite Attacks In Belgium

(RTTNews) - The European were under pressure for most of the session after multiple apparent terrorist attacks were carried out in Belgium. The markets pared their losses over the course of the session and even managed a few brief forays into positive territory. The majority of the markets managed to turn positive going into the close.

At least 26 people have been killed and more than 100 people have been wounded in explosions in Brussels. Two explosions occurred at the Zaventem airport just outside the city and were followed by an explosion at a downtown subway station near the European quarter.

The attacks are believed to be a retaliation after Friday's arrest of Salah Abdeslam, a suspect in December's Paris attacks. The terror threat in Belgium has been raised to its highest level.

Travel and leisure stocks were under pressure following the attacks. Lodging and luxury goods companies also turned in a weak performance. Investors exited riskier investments in favor of safe havens.

The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.08 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.37 percent.

The DAX of Germany climbed 0.42 percent and the CAC 40 of France rose 0.09 percent. The FTSE 100 of the U.K. gained 0.13 percent and the SMI of Switzerland finished higher by 0.04 percent.

In Frankfurt, Deutsche Bank decreased 1.24 percent and Commerzbank fell 0.19 percent.

Deutsche Lufthansa weakened by 1.33 percent.

In Paris, hotel group Accor sank 4.66 percent and Air France-KLM surrendered 3.71 percent.

Societe Generale surrendered 0.98 percent and BNP Paribas lost 0.84 percent. Credit Agricole also finished lower by 0.79 percent.

LVMH dropped 1.73 percent and Kering weakened by 1.32 percent.

In London, Sports Direct sank 10.52 percent after company founder Mike Ashley stated in an interview that "we can't make the same profit we made last year."

Thomas Cook plunged 4.27 percent. The holiday firm has reported a two percent dip in winter bookings and said that summer holiday bookings are lower than this time last year due to volatile market conditions.

TUI dropped 2.79 percent and International Consolidated Air Group fell 1.52 percent. Intercontinental Hotels Group also weakened by 1.63 percent.

Eurozone private sector activity regained momentum in March, driven by a pickup in the pace of service sector activity, flash estimates released by Markit showed Tuesday. The composite output index rose to a 3-month high of 53.7 from 53.0 in February. The reading was above the consensus estimate of 53.2 and the neutral 50.

Germany's private sector activity expanded at a stable pace in March, as solid service sector growth contrasted with slowing manufacturing expansion, flash data from Markit showed Tuesday. The flash composite output index came in at 54.1 in March, unchanged from February's 5-Month low.

The French private sector output returned to growth in March driven by services activity, flash data from Markit showed Tuesday. The composite output index rose to a 5-month high of 51.1 in March from 49.3 in February. It was forecast to rise marginally to 49.6.

German business confidence improved for the first time in four months is March, propped up by domestic demand, while investor sentiment rose less-than-expected, giving a mixed reading on the Eurozone's biggest economy.

The Ifo Business Climate indicator rose to 106.7 from 105.7 in February, the Munich-based Ifo Institute said. Economists had forecast a score of 106.

U.K. inflation held steady in February and factory gate prices dropped less than expected, figures from the Office for National Statistics showed Tuesday. Consumer prices gained 0.3 percent in February from a year ago as seen in January. Prices were expected to increase 0.4 percent.

The U.K. budget deficit narrowed in February on higher receipts, data from the Office for National Statistics showed Tuesday. Public sector net borrowing excluding public sector banks decreased by GBP 0.5 billion to GBP 7.1 billion. However, the deficit was bigger than a GBP 5.9 billion shortfall forecast by economists.

British house price inflation accelerated at the start of the year to the highest level in ten months, figures from the Office for National Statistics showed Tuesday. The house price index climbed 7.9 percent year-over-year in January, faster than the 6.7 percent spike in the previous month. In November, the rate of growth was 7.7 percent.