European markets experienced an upswing on Tuesday, as investors anticipated forthcoming meetings of the Federal Reserve and the European Central Bank (ECB).
In a day with limited economic announcements, French consumer confidence showed improvement, rising to 92 in January from 89 the previous month. Additionally, the Spanish Economy Ministry announced plans to increase its 2023 GDP growth forecast beyond the current 2.4%.
The pan-European STOXX 600 index climbed 0.3% to 531.23, recovering from a flat close marked by a negative tendency the previous session. Germany's DAX inched up by 0.1%, the UK's FTSE 100 improved by 0.3%, while France's CAC 40 experienced a slight decline of 0.1%.
Freenet AG, a German media company, saw its shares increase by over 1% following the appointment of Robin John Andes Harries as the new CEO. Siemens Energy, specializing in energy technology, surged 3% after announcing enhanced sales and earnings for the first quarter, along with an upward revision of its forecast for the 2024/25 fiscal year.
Basilea Pharmaceutica gained 1.3% after revealing that global sales of its leading antifungal drug, Cresemba, rose by 20% year-on-year, reaching $533 million for the period from October 2023 to September 2024.
SAP SE, a major business software provider, registered a 0.5% increase after raising its operating profit and sales projections for the year.
In contrast, SThree, based in London, saw its shares drop 2.5% as profit before tax for fiscal 2024 fell to £67.64 million, down from £77.91 million the previous year.
Alten SA, a French engineering and technology consulting firm, surged 9% following a 1.8% increase in 2024 revenue. Meanwhile, Netcompany Group A/S experienced a significant decline of 17% due to fourth-quarter revenue figures falling short of expectations.