European bourses inch higher amid earnings

European stock markets traded slightly higher on Tuesday morning, as investors monitored a fresh batch of corporate earnings.

The pan-European Stoxx 600 inched up around 0.2 percent during early morning deals, with almost all sectors and major bourses in positive territory.

Oil and gas stocks led the gains shortly after the opening bell, up over 0.8 percent. Oil prices were supported Tuesday as Saudi Arabia’s crown prince moved to tighten his grip on power amid rising tensions between the Kingdom and Iran. Tullow Oil surged to the top of the benchmark, up almost 4 percent higher.

Technology stocks dipped slightly Tuesday morning, led lower by Apple supplier Dialog Semiconductor after the firm reported a cautious outlook for the final three months of the year. The Anglo-German chipmaker, which also makes chips for Samsung electronics, also posted a 4 percent increase in third-quarter adjusted operating profit. Its shares were more than 7.5 percent lower.

Danish jewelry maker Pandora said it projected full-year earnings would be at the lower end of the forecast range due to a challenging retail environment — most notably in its U.S market. Pandora’s shares were over 2.5 percent higher on the news.

Trump visits Seoul

Elsewhere, President Donald Trump arrived in South Korea amid concerns Washington may resort to unilateral military action on the Korean Peninsula. Trump has reaffirmed his tough rhetoric against Pyongyang over its nuclear and missile programs since starting a 12-day trip to Asia on Sunday.

Meantime, oil prices pared losses to trade near 2-and-a-half year highs Tuesday morning, following an anti-corruption drive by Saudi Arabia’s crown prince. Mohammed bin Salman’s clampdown led to the arrests of several of the Kingdom’s elites, including prominent billionaire Alwaleed bin Talal.

Source: CNBC

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