In Europe on Tuesday the FTSE Eurofirst 300 added 1 percent to 1,391.10 on gains in several sectors. Commodities prices that continue to rise have helped the oil and mining sectors, while strong earnings reports from other sectors have also contributed to the gains.

In the steel sector, Arcelor added 3.3 percent to €33.69 after its chief executive said that the company is worth much more than a proposed bid from rival Mittal Steel. Elsewhere, ThyssenKrupp gained 3.3 percent as well, to €26.98, and Salzgitter was up 5.1 percent to €66.10.

Among oil-related companies, oilfield services company Saipem added 2.8 percent to €20.45. Repsol, however, lost 0.6 percent to €23.53 after Bolivia took control of foreign-owned gas fields in that country. Repsol is the most heavily exposed European oil company in South America.

Utilities were up as well, with Suez up 3.5 percent to €32.29 and Gaz de France 1.5 percent higher to €66.92 after it was reported over the weekend that Suez expects twice the earlier estimated amount in annual synergies after the two complete their merger.

In the banking sector, Credit Suisse gained 1.3 percent to SFr78.90 after it said that first-quarter net income had risen by 36 percent, well above predictions. Its banking division saw net income increase by 44 percent. The report spurred WestLB to upgrade its shares to “add”.

Dutch food group Numico also issued a positive first-quarter report, with sales up 13.6 percent, in double digits in all three main divisions, and profit margins up to 19.2 percent. Numico gained 5.3 percent on the day to €37.82.

In the European equities markets, the FTSE Eurofirst 300 lost 0.4 percent to 1,224.74 on profit-taking based on higher oil prices.

The mining and retail sectors, as well as the automobile manufacturing sector, were down on the day.

The biggest winner in terms of percentage on the day was Neste Oil, which gained 3.4 percent to €31.48. Elsewhere in the sector, Statoil was up 1.2 percent to NKr166, but Saipem lost 0.2 percent to €13.95.

The automobile manufacturing sector saw losses across the board. Even though Morgan Stanley raised DaimlerChrysler’s earnings per share forecast for 2006 and 2007 after the carmaker announced job cuts in its Mercedes division Wednesday, shares in the car company fell 2.5 percent to €44.50. BMW lost 0.1 percent to €38.87 after Credit Suisse First Boston raised its target price from €40 to €48 and repeated its “outperform” rating. Peugeot lost 1.7 percent to €56.40, Renault fell 1.8 percent to €78.25, and Volkswagen declined 2.4 percent to €37.39.

In the banking sector, Italian bank Sanpaolo IMI gained a fraction to €12.91 and Ersle Bank rose 1.8 percent to €43.49.

The steel sector also saw gains. Anglo-Dutch company Corus gained 1.3 percent to €0.78 when UBS upgraded the rating on its shares from “neutral” to “buy”. UBS raised the price target on Arcelor as it increased steel price forecasts by 5 percent for 2006 and 2007. As a result, Arcelor was up 0.3 percent to €19.45. ThyseenKrupp was up 1.9 percent to 17.32, while Spanish stainless steel company Acerinox added 0.6 percent to €11.44.

In Europe on Tuesday the FTSE Eurofirst 300 was down on profit-taking despite gains in the oil and steel sectors, losing 0.3 percent to 1,218.44.

Also having an effect on European stocks was a comment by an official of the US Federal Reserve that hinted at the possibility of rising interest rates on a global scale on concerns about inflation.

Sectors that depend on high consumer confidence were down on the day. Italian jeweller Bulgari lost 4.2 percent to €9.32 on an unexpected drop in first-half profits, which the company blamed on currency losses, taxes, and higher advertising costs.

Also in the luxury goods sector, Christian Dior declined by 0.4 percent to €68.05 and LVMH dropped 0.6 percent to €68.20.

The banking sector saw gains, however. Capitalia, the Italian bank, gained 4.3 percent to €4.54 on a “buy” rating from Citigroup, and Swedish bank Handelsbanken was up 3 percent to SKr173.50 on the announcement that it had appointed a new chief executive and that its former chief was moving to the office of chairman.

In the steel sector, Arcelor, the world’s second-largest steel company, gained 0.8 percent to €18.85.

Elsewhere in the sector, Saltzgitter of Germany was up 3.4 percent to €41.45 and Corus rose 1.4 percent on the day.