Investors watch earnings, monetary policy
European markets closed higher on Tuesday as investors assessed the outlook for the US Federal Reserve’s monetary policy and digested much of the corporate earnings.
The pan-European Stoxx 600 tentatively ended the day up 1.4% after the release of key US tech results.
The majority of sectors ended in positive territory, led by technology stocks, which closed up 4.2%. Oil & gas stocks and banking stocks were the only sectors to close in negative territory, ending down 0.4% and 0.3%, respectively.
Among the top companies reporting quarterly results on Tuesday were HSBC, UBS, Novartis, Randstad, Liquid airSAP and Covestro.
Shares in Europe closed higher on Monday after it was announced that Rishi Sunak would replace Liz Truss as Britain’s prime minister. Sunak was officially confirmed as the country’s new leader on Tuesday at a time of economic turmoil.
US stocks opened mixed on Tuesday ahead of a couple of big days of earnings from the world’s biggest tech companies.
Asia-Pacific shares rose mostly overnight after a second consecutive positive trading session on Wall Street, although markets in Hong Kong and mainland China were volatile after the conclusion of the party congress. Chinese and the publication of a multitude of delayed economic data.