European Shares Modestly Higher In Cautious Trade

(RTTNews) - European stocks eked out modest gains in cautious trade on Tuesday as investors reacted to mixed earnings updates and awaited interest-rate decisions from the Bank of England and the Federal Reserve later this week.

Meanwhile, all attention is focused on what is being called the "closest race in history" of the 2024 U.S. Presidential election, with Donald Trump facing off against Kamala Harris.

The pan European STOXX 600 was up 0.2 percent at 510.33 after falling 0.3 percent on Monday.

The German DAX, France's CAC 40 and the U.K.'s FTSE 100 all were up around 0.3 percent.

In corporate news, Vestas, the world's largest maker of wind turbines, plummeted 11 percent after lowering its projections for EBIT before special items in the Service segment to EUR 450 million from EUR 500 million.

Belgian chemical maker Syensqo soared 6 percent as it unveiled plans to cur around 2 percent of its workforce.

Staffing company Adecco slumped 7.7 percent after Q3 result missed consensus estimate.

Reinsurer Swiss Re gained 1.1 percent after it has agreed to sell the digital insurer's European P&C business to Allianz Direct, the pan-European online insurer of Allianz Group.

Associated British Foods rallied 2.7 percent as the Primark owner reported strong financial results for the year ending 14 September 2024, driven by revenues growth in its retail and foods businesses.

Fashion retailer ASOS slumped 7.5 percent after reporting a widened pretax loss for fiscal 2024.

Asset manager Schroders plummeted almost 12 percent after it reported £2.3 billion ($3 billion) of quarterly outflows and warned of more to come.

Infrastructure group Balfour Beatty gained 1 percent on winning a $746 million (£575 million) Texas Interstate contract.

French construction-to-telecoms group Bouygues jumped 3.2 percent as nine-month core earnings came in slightly above expectations.

German utility Uniper SE rose over 1 percent after confirming its FY24 guidance.

Luxury fashion company Hugo Boss fell 3 percent after reporting a decline in third-quarter net profit.

Dialysis company Fresenius Medical Care added 1.5 percent as Q3 profit beat market views.