European shares edge higher on boost from upbeat earnings, miners

UniCredit climbed 1.8% as the Italian bank posted a bigger-than-expected annual rise of 36% in its third-quarter profit, helped by higher interest rates. Hermes gained 2.3% as the Birkin bag maker beat third-quarter sales estimates, defying a slowdown in the broader luxury sector.

European shares inched higher on Tuesday, boosted by upbeat earnings from heavyweights such as luxury giant Hermes and Italian bank UniCredit as well as from gains in the mining sector on higher metal prices.

The pan-European STOXX 600 index was up 0.2% by 7:07 GMT. UniCredit climbed 1.8% as the Italian bank posted a bigger-than-expected annual rise of 36% in its third-quarter profit, helped by higher interest rates.

Hermes gained 2.3% as the Birkin bag maker beat third-quarter sales estimates, defying a slowdown in the broader luxury sector. Puma shares rose 4% after the German sportswear brand stood by its full-year profit forecast despite an 8.3% drop in its third-quarter earnings. Logitech International jumped 7.9% after lifting its full-year guidance.

Miners were the top sectoral gainers, up nearly 2% as prices of base metals ticked higher on a softer dollar. However, keeping UK's FTSE 100 under pressure was a 6.8% drop in shares of Barclays despite the lender narrowly beating quarterly profit estimates.

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