European markets close slightly higher as investors assess earnings reports

LONDON — European stocks closed slightly higher Tuesday as investors assessed the latest earnings reports from regional companies.

The pan-European Stoxx 600 index closed up 0.13% higher, with sectors ending in mixed territory. Tech stocks added 1.4%, while mining stocks fell 1.71%.

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European markets contended with a series of earnings reports and updates from companies, including Porsche, which cut its 2024 outlook, citing a shortage of special aluminium alloys. Porsche shares retreated on the news and closed down 5%.

Elsewhere, earnings were announced by companies including Thales, Randstad and Banco de Sabadell. LVMH is set to report after markets close.

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Hungary's central bank cut its benchmark interest rate by 0.25 percentage points to 6.75%, continuing its easing cycle as analysts had expected.

Attention remains focused on the U.S. after President Joe Biden dropped out of the presidential race on Sunday and endorsed Vice President Kamala Harris as the Democratic nominee.

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Democrats united behind Harris as the party's front-runner for the presidential nomination Monday, a day of major fundraising for the party and for Harris' campaign.

Asia-Pacific markets traded mixed overnight after Wall Street looked past political uncertainty to log gains on Monday. U.S. stocks were slightly higher in early deals, with traders readying for earnings reports from major companies after the S&P 500 benchmark posted its best day in more than a month.