European equities close higher ahead of Fed meeting; Bellway up 3.5 percent

  • The pan-European Stoxx 600 closed 0.6 percent higher with most sectors and all major bourses trading in positive territory.
  • U.K. property developer Bellway closed up 3.5 percent on a profit increase.
  • Technology stocks rebounded in afternoon trade, shrugging off a sell-off of Facebook shares in the U.S. Monday following reports that the tech company allowed improper use of its data.

European markets closed higher Tuesday afternoon as investors focused on earnings ahead of a Federal Reserve meeting.

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IBEX 35
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The pan-European Stoxx 600 closed 0.6 percent higher with most sectors and all major bourses trading in positive territory.

The German DAX rallied the most, closing up 0.8 percent.

Financial services was the top performing sector on earnings, finishing Tuesday's trade up 1.4 percent. Partners Group rose 3.5 percent after announcing higher profits for 2017 and a gross client demand between 11 billion and 14 billion euros ($13.58 and $17.28 billion) in 2018.

During Tuesday's trade, media dropped from a positive open to close 0.3 percent lower. Earlier, Publicis had risen to near the top of the European benchmark after unveiling a three-year strategic plan, supporting the sector more broadly. But, its shares fell into negative territory during the course of the session, finishing down 4 percent.

Technology stocks rebounded in afternoon trade, rising throughout the afternoon to close 0.4 percent in the green. The sector shrugged off a sell-off of Facebook shares in the U.S. on Monday following reports that the tech company allowed improper use of its data.

Looking at individual stocks, Bellway was among the top gainers across Europe after a 17 percent increase in profit in the first half of its fiscal year. The U.K. property developer closed 3.5 percent higher. Bic dropped to near the bottom of the index after UBS initiated coverage of the stock with a "sell" rating. The French pen-maker was 5.9 percent lower by mid-afternoon.

Fed meets

U.S. stocks climbed on Tuesday as the Federal Reserve started a two-day monetary policy meeting, with most market participants expecting a rate hike Wednesday that could have repercussions in the bond and equity markets.

The Dow Jones industrial average rose 164 points, with Intel as the best-performing stock. The S&P 500 gained 0.2 percent, with energy leading the gains.

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