BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks rose on Tuesday as investors looked ahead to a slew of U.S. economic data as well as tech megacap earnings this week for directional cues.
Google parent Alphabet is due to unveil its earnings later in the day, with investors keen to see how growth at its key search business is progressing during a time of rising competition.
Markets also keep a close eye on Wednesday's U.K. budget announcement and the upcoming Nov. 5 U.S. presidential election.
Analysts expect the Autumn Budget to introduce key fiscal reforms, including tax changes and wage adjustments that could significantly impact the industry landscape.
A Trump victory may be on the horizon, but most major polls currently show him locked in a tight race with Vice President Kamala Harris.
Meanwhile, a survey showed earlier today that Germany's consumer confidence is set to recover more strongly in November to hit a more than two-and-a-half-year high.
The forward-looking consumer sentiment index rose to -18.3 in November from a revised value of -21.0 in October as both income expectations and the willingness to buy showed a back-to-back improvement, according to a survey conducted by the market research group GfK and the Nuremberg Institute for Market Decisions (NIM).
Elsewhere, U.K. shop prices declined the most in more than three years in October amid falling non-food prices and easing food inflation, the British Retail Consortium, or BRC, said.
The shop price index declined 0.8 percent on a yearly basis in October, larger than the 0.6 percent decrease in the previous month. This was the weakest deflation since August 2021.
The pan European STOXX 600 was up 0.2 percent at 522 after rising 0.4 percent on Monday.
The German DAX rose 0.4 percent, France's CAC 40 added 0.6 percent and the U.K.'s FTSE 100 was up half a percent.
In corporate news, Spain's largest insurer Mapfre surged 4.3 percent after saying its net profit rose 39 percent in first nine months of the year.
Lender Banco Santander lost 2.8 percent as Q3 net interest income came below consensus estimates.
Swiss pharmaceutical giant Novartis AG fell nearly 3 percent despite raising its annual profit guidance for the third straight quarter.
HSBC shares surged more than 4 percent in London after the Asia-focused bank reported stronger-than-expected third-quarter earnings and announced a hefty $3 billion buyback.
Energy giant BP Plc dropped 1 percent as it reported lower profit and cash flow from a year ago, weighed down by a drop in refining profits and weaker oil trading.
China-linked Kering, Hermes and LVMH all were up around 1 percent in Paris ahead of a top leadership meeting in China next week, expected to discuss stimulus measures.
German sportswear maker Adidas gained 1 percent after posting solid third-quarter results and raising its annual profit target for the third quarter in a row.
Lufthansa fell 2.7 percent as the airline reported a 9 percent year-on-year decline in its third-quarter operating profit.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
