European Stocks Edge Higher, Tech Shares Lose Ground

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European stocks edged higher Tuesday, as energy shares moved up, but technology shares lost ground while investors assessed mixed data from Germany, the eurozone's largest economy.

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The Stoxx Europe 600 was up a modest 0.1%. While oil and gas stocks were putting in the best performance, technology, finance and basic materials shares were in the red.

The index on Monday rose 0.2%, but ended off session highs as oil prices turned sharply lower as investors continued to cast doubt about OPEC reaching a production-cut deal this month.

But West Texas Intermediate prices on Tuesday leapt nearly 3% to trade above $44 a barrel, providing a boost for energy shares.

Shares of Portuguese oil producer Galp Energia jumped 4%, Neste picked up 2.5% and Norwegian offshore engineer Subsea 7 gained 4.4%.

But Nokia shares were the biggest losers in the technology basket. They lost 4.5% after the Finnish telecom-equipment maker said it expects its networks business to decline further next year. It also said it's planning to ramp up cost-savings as it grapples with weak demand and heavy competition.

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BTG Group shares fell 4.6% after the pharmaceutical company posted a steep fall in pretax profit for the first half of fiscal 2017 after booking one-off costs. Revenue, however, rose.

Merck shares rose 1% as the German pharmaceuticals and chemicals company reported a nearly 26% rise in third-quarter profit and raised its guidance for the full year.

Germany's gross domestic product in the third quarter expanded 0.3% from the previous three months, according to a flash reading, but that was slower than the 0.2% estimate from a FactSet survey of economists.

Meanwhile, the closely watched ZEW survey showed German economic sentiment rose in November, with a reading of 13.8 outstripping expectations of 8.9.

The initial reading of third-quarter eurozone GDP was in line with expectations, with growth coming in at 0.3% quarter-over-quarter.

In Frankfurt, the DAX 30 dipped 0.1%. France's CAC 40 was up 0.3%.

So-called peripheral markets were mixed. Spain's IBEX 35 was up 0.3%, but had been lower earlier. Italy's FTSE MIB was down 0.2%.

On investors' minds concerning Italy is the country's Dec. 4 referendum on constitutional reform, and a defeat for Prime Minister Mateo Renzi's Democratic Party would make more difficult for the government to pass fiscal reforms.

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