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European stocks recover amid wave of corporate earnings

European stocks inched higher on Tuesday underpinned by stronger defensive sector as the focus shifted to the start of the earning season which is seen to deliver two-digit profit growth for the third quarter.

Photo: Reuters

The pan-European STOXX 600 index rose 0.3 percent to 360.46.

Frankfurt's DAX 30 added 0.2 percent to 11,635.85 and Paris CAC 40 ticked up less than 0.1 percent to 5,097.23. Italy’s FTSE MIB index jumped 1.1 percent to 19,492.68, while the UK’s FTSE 100 slipped 0.3 percent to 7,006.43.

Shares in Meggitt soared 5.6 percent after the engineering company raised its 2018 organic revenue growth guidance, supported by higher demand for its production.

Shares of Airbus, Safran and BAE Systems all gained between 1 and 2 percent.

Bellway also advanced after the British housing developer posted a 14.3 percent rise in pre-tax profits, though cautioning over a Brexit risk.

Shares in Volvo slumped 5.3 percent after the Sweden-based company warned on faulty emissions part.

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