Market Analysis

European stocks inched up on Tuesday as investors awaited crucial U.S. economic data later in the day to gauge the Federal Reserve's next move on interest rates. However, gains were tempered by some disappointing corporate earnings reports.

The STOXX 600 index rose 0.3% to 500.74 points as of 0712 GMT, following a flat close in the previous session.

Market participants were cautious, waiting for the U.S. producer price data to be released later.

In the UK, official figures revealed a drop in pay growth to its lowest level in nearly two years for the second quarter, which is likely to ease inflationary concerns for the Bank of England. Additionally, the unemployment rate fell unexpectedly.

London's FTSE 100 also increased by 0.3%.

In individual stock movements, Tecan Group's shares fell 15.6% after the Swiss life sciences equipment manufacturer projected a mid-single-digit percentage decline in 2024 sales.

Shares of Fortnox dropped 10% following the resignation of CEO Tommy Eklund.

On a positive note, French engineering firm GTT saw a 4% rise in its stock price after Berenberg upgraded its rating from "hold" to "buy," citing a stronger-than-expected order backlog and a robust demand outlook.

Paraphrasing text from "Reuters" all rights reserved by the original author.