European Shares Modestly Higher In Cautious Trade

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(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.

U.S. Trade Deficit Widens Significantly In September

A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of September, as imports surged and exports slumped.

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Bay Street Likely To Open With Positive Bias

Canadian shares may open with a positive bias on Tuesday, tracking higher crude oil and metal prices. The focus is on the U.S. Presidential election, and the upcoming monetary policy announcement from the Federal Reserve. Investors will also be reacting to a slew of earnings updates, and key economic data.

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UK Service Sector Logs Weakest Growth In Almost A Year

The UK service sector grew at the slowest pace since November last year as heightened uncertainty and concerns about the domestic economic outlook damped new work, the S&P Global purchasing managers' survey showed on Tuesday. The final services Purchasing Managers' Index registered 52.0 in October, down from 52.4 in September. The reading was above the initial estimate of 51.8.

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Spain Unemployment Rises In October

Joblessness in Spain increased in October but logged the smallest gain for the month since 2006 except for the pandemic years of 2021 and 2022, data from the labor ministry showed on Tuesday. The number of unemployed rose by 26,769 persons, which was a below average increase for the month of October. Economists were looking for an increase of 26,500 persons.

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Yen Falls Amid BoJ Rate Hike Uncertainty

The Japanese yen weakened against other major currencies during the European session on Tuesday, as traders remain cautious amid a rare political crisis following a Japanese snap election that raises doubts about the Bank of Japan's capacity to raise interest rates further and the U.S. election.

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Boeing Strike Ends As Machinists Accept New Contract

Nearly two months long strike at Boeing Co. has ended after a majority of around 33,000 frontline workers voted to approve a new contract that will deliver 43.65 percent compounded wage increase. Following the deal, Boeing shares were gaining around 1.91 percent in the pre-market activity on the NYSE to trade.

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Sensex, Nifty Follow Global Peers Higher; Metal Stocks Shine

Indian shares rose notably on Tuesday despite uncertainty surrounding the U.S. presidential election and continued foreign fund outflows.

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Yen Falls Against Majors

The Japanese yen weakened against other against major currencies in the European session on Tuesday.

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EURUSD	1.09096	GBPUSD	1.30177	AUDUSD	0.66364
USDJPY	151.782	USDCAD	1.3855	USDCHF	0.863