earnings season remains in focus
Basic resources led the gains on Tuesday, rallying 4.68 percent, with the sector on track for its best day since President Donald Trump's election victory in November 2016. Meanwhile, autos stocks climbed 2.91 percent.
Trump is set to meet with European Commission President Jean-Claude Juncker on Wednesday, where the two will negotiate the U.S. president's tariffs on EU imports. Ahead of the meeting, Trump tweeted: "Tariffs are the greatest! Either a country which has treated the United States unfairly on trade negotiates a fair deal, or it gets hit with tariffs. It's as simple as that."
On Wall Street, stocks opened higher, as traders digested strong corporate earnings reports led by Google-parent Alphabet. The tech giant reported second-quarter earnings that showed a big bottom-line beat on estimates.
UBS shares also rose about 3.79 percent on Tuesday after reporting a 9 percent increase in net profit during the second quarter, to 1.28 billion Swiss francs ($1.29 billion), up from a year ago.
In other corporate news, Spectris reported first-half sales had risen 3 percent to £728 million. But the measurement tool maker warned the pace of organic sales growth would slow down slightly in the second half. Spectris was the worst performing individual stock Tuesday, down 6.8 percent.
Market sentiment was also impacted by news that China's State Council is ready to deliver a more "vigorous" fiscal policy as the economy cools.
With increased regulatory scrutiny and earnings, who will be the last FAANG standing?
Not a Scientific Survey. Results may not total 100% due to rounding.