European stocks close higher ahead of Fed meetings

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Tuesday, July 30, 2024 - 17:31
Point Trader Group

European markets closed higher on Tuesday, with earnings continuing to dominate stocks and investors bracing for central bank decisions in the US and UK.

Diageo, a spirits company, tumbled 8% after reporting a 4.8% drop in annual profit.

The pan-European Stoxx 600 index closed 0.53% higher, with most sectors in positive territory. Construction and materials stocks rose 1.37%, while mining stocks fell 1.22%.

Germany’s DAX index closed up 0.56%, France’s CAC gained 0.42% and Britain’s FTSE 100 fell 0.22%.

Investors also grappled with the latest earnings releases in Europe, including drinks giant Diageo

which fell as much as 10% at one point on Tuesday in its first sales decline since 2020. The maker of Johnnie Walker was down 4.9% at the close.

Standard Chartered shares, meanwhile, ended the day more than 6% higher after the UK bank announced its biggest ever share buyback, worth $1.5 billion, and raised its half-year results forecast.


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