Investing.com – European stock markets edged higher Tuesday, as traders digested quarterly results from some of the region’s largest companies.
At 04:05 ET (08:05 GMT), the in Germany traded 0.6% higher, the in France rose 0.6% and the in the U.K. climbed 0.4%.
HSBC announces $3bn buyback
The quarterly corporate earnings season continues Tuesday, with traders digesting results from a number of senior companies.
HSBC (LON:) stock rose 2.2% after the Asia-focused bank reported a stronger-than-expected third-quarter profit amid sustained strength in its wealth management unit, and announced a hefty $3 billion buyback.
Novartis (SIX:) stock climbed x% after the Swiss pharmaceutical giant raised its full-year guidance in the wake of reporting 10% sales growth and 20% core operating income growth in its third-quarter results.
Adidas (OTC:) stock rose 1.3% after the German sportswear maker said it saw strong underlying growth in Greater China in the third quarter, while sales in North America excluding the Yeezy collection were up on the year.
BP (NYSE:) stock fell 0.9% after the British energy giant reported higher-than-expected third quarter profits of $2.3 billion, its lowest in almost four years, weighed down by a drop in refining profits and weaker oil trading.
Mapfre (BME:) stock rose 1.8% after Spain’s largest insurer reported its net profit rose substantially in the first nine months of the year as higher prices and a more benign weather and less severe natural disasters lifted its non-life business’ profitability.
Across the pond, Google parent Alphabet (NASDAQ:) is due to report later Tuesday, the first result from the five of the “Magnificent Seven” US tech stocks due this week.
German consumer sentiment edges higher
Elsewhere, German consumer sentiment is set to continue to recover heading into November, with the index rising to -18.3 points from a slightly revised -21.0 the month before.
While this shows an improvement, it comes from a low base and the survey showed that economic expectations for the next 12 months for Europe’s largest economy fell for the third time in a row.
The has cut interest rates three times already this year, all by 25 basis points, but economic weakness, particularly from Germany, has raised the potential of a larger rate cut at the next policy-setting meeting.
Crude steadies after selloff
Oil prices steadied on Tuesday after the previous session’s sharp losses, with the tense situation in the Middle East the main driving force.
By 04:05 ET, the contract climbed 0.5% to $71.33 per barrel, while futures (WTI) traded 0.5% higher at $67.69 per barrel.
Both benchmarks slumped 6% on Monday to their lowest since Oct. 1 after Israel’s retaliatory strike on Iran at the weekend bypassed Tehran’s oil infrastructure, avoiding the disruption of supplies from this crude-rich region.
Helping the tone was Monday’s news that the U.S. was seeking up to 3 million barrels of oil for the Strategic Petroleum Reserve for delivery through May next year.
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