European shares opened higher on Tuesday, driven by gains in technology and oil stocks, as investors remained cautious ahead of the Federal Reserve’s meeting and Eurozone inflation data.
The pan-European STOXX 600 index rose 0.2% to 512.61 points by 0716 GMT, although gains were limited by the food and beverages sector.
Diageo (LON), the spirits maker, dropped 8% after reporting a 4.8% decline in annual profit, falling short of analyst expectations.
The basic resources sector declined by 0.7%, with base metal prices slipping due to slowing global growth momentum and a risk-off sentiment. Both aluminum and zinc hit three-month lows.
BP (NYSE
) saw a 2% increase after the oil giant reported a second-quarter profit of $2.76 billion, surpassing market expectations. The company also raised its dividend and extended its share repurchasing program, boosting the oil sector by 0.7%.
Among other notable stock movements, Standard Chartered (OTC) rose 4.7% after announcing its largest share buyback of $1.5 billion and raising its annual earnings forecast.
St James’s Place surged 17.8% as the British wealth manager revealed plans to cut tens of millions of pounds in costs.
The technology sector gained 0.5% in anticipation of Microsoft’s (NASDAQ) results later in the day.
Meanwhile, the U.S. Federal Reserve will begin its two-day monetary policy meeting today.
Investors are also awaiting Eurozone inflation data, expected at 0900 GMT.
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