Investors watch earnings, monetary policy

European markets closed higher on Tuesday as investors assessed the outlook for monetary policy from the US Federal Reserve and digested a swathe of corporate earnings.

The pan-European Stoxx 600 provisionally ended the day up 1.4% following the release of major tech earnings stateside.

The majority of sectors ended in positive territory, led by tech stocks, which closed up 4.2%. Oil and gas stocks and bank stocks were the only sectors to close in negative territory, finishing down 0.4% and 0.3%, respectively.

Among the major companies reporting quarterly earnings on Tuesday were HSBC, UBS, Novartis, Randstad, Liquid airSAP and Covestro.

Shares in Europe closed higher on Monday after the announcement that Rishi Sunak would replace Liz Truss as UK prime minister. Sunak was formally confirmed as the country’s new leader on Tuesday amid a period of economic turbulence.

US stocks opened mixed Tuesday ahead of a big few days of earnings from the world’s largest tech companies.

Shares in Asia-Pacific nudged mostly higher overnight after a second consecutive positive trading session on Wall Street, though Hong Kong and mainland Chinese markets were volatile following the conclusion of the China’s party congress and the release of a slew of delayed economic data.

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