Investing.com - European stocks edged higher on Tuesday, supported by upbeat Spanish and German economic reports although investors remained cautious ahead of the European Central Bank's next policy meeting.
During European morning trade, the EURO STOXX 50 edged up 0.14%, France’s CAC 40 rose 0.19%, while Germany’s DAX 30 added 0.23%.
Spain’s Employment Ministry reported that the number of unemployed people declined by 13,500 last month, compared to expectations for an increase of 10,500. The number of unemployed people rose by 78,000 in January.
Earlier Tuesday, data showed that German retail sales jumped 2.9% in January, easily outstripping forecasts for a 0.4% increase.
Investors remained cautious however ahead of the upcoming ECB meeting on Thursday, when it was expected to announce details of its quantitative easing program.
Financial stocks were broadly lower, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) slipped 0.29% and 0.20%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) declined 0.38% and 0.42%.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) edged down 0.10% and 0.13%, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) fell 0.20% and 0.31%.
Elsewhere, Merck (NYSE:MRK) KGAA O.N. (XETRA:MRCG) jumped 1.19% after the German drugmaker reported an increase in fourth-quarter profit that exceeded analysts' estimates.
Also in earnings news, Evonik Industries AG (XETRA:EVKn) saw shares rally 1.51% after the German chemical manufacturer forecast an increase in 2015 profit and sales and reported quarterly earnings above analysts’ projections.
In London, commodity-heavy FTSE 100 rose 0.26%, supported by gains in the energy sector.
Shares in oil and gas major BP Plc (LONDON:BP) advanced 0.48%, while rival company Tullow Oil Plc (LONDON:TLW) led gains on the index, with shares surging 2.46%.
Meanwhile, mining stocks were broadly lower. Shares in Rio Tinto (LONDON:RIO) and Bhp Billiton (LONDON:BLT) dropped 0.49% and 0.75% respectively, while Fresnillo (LONDON:FRES) tumbled 2.03% and Glencore Xstrata (LONDON:GLEN) plunged 3.12%.
In the financial sector, stocks were also mostly on the downside. Lloyds Banking (LONDON:LLOY) slipped 0.16% and the Royal Bank of Scotland (LONDON:RBS) declined 0.48%, while Barclays (LONDON:BARC) saw shares plummet 2.33% following reports the lender set aside an additional £750 million for the settlement of a currency-manipulation probe.
HSBC Holdings (LONDON:HSBA) overperformed on the other hand, with shares gaining 0.38%.
In the U.S., equity markets pointed to a steady to lower open. The Dow Jones Industrial Average futures pointed to a 0.04% dip, S&P 500 futures signaled a 0.09% loss, while the Nasdaq 100 futures indicated a 0.06% downtick.