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European Markets Close Higher as Investors Digest Earnings; Bachem Down 10%

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Investors watch the stock market in a securities business hall in Fuyang City, Anhui province, China, Dec. 31, 2020.

  • Earnings in Europe came from Danone, Kering, Vinci and Deutsche Boerse on Tuesday while BHP released an operational review.
  • Both Johnson & Johnson and Procter & Gamble beat third-quarter expectations, boosting sentiment, while Netflix and United Airlines are due to report later in the day.

LONDON — European stocks closed higher on Tuesday, as investors monitored corporate earnings and rising coronavirus cases in countries like the U.K.

The pan-European Stoxx 600 closed up 0.4%, with utilities adding 1.4% while food and beverage stocks fell 1%.

The tepid trade comes as U.S. stock indexes gained Tuesday as major companies continued to report strong third-quarter earnings. Both Johnson & Johnson and Procter & Gamble beat third-quarter expectations, boosting sentiment, while Netflix and United Airlines are due to report later in the day.

Back in Europe, earnings came from Danone, Kering, Vinci and Deutsche Boerse on Tuesday, while BHP released an operational review.

In terms of individual share price movement, German mass media company ProSiebenSat.1 climbed 5.6% to lead the Stoxx 600.

At the bottom of the European blue chip index, Swiss biotech company Bachem Holding fell more than 10% after announcing a 584 million Swiss franc ($634 million) capital raise through the placement of 750,000 new shares.

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— CNBC's Maggie Fitzgerald and Eustance Huang contributed to this market report.

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