This is CNBC's live blog covering European markets.

European markets closed higher on Tuesday as investors assessed the outlook for monetary policy from the U.S. Federal Reserve and digested a swathe of corporate earnings.

The pan-European Stoxx 600 provisionally ended the day up 1.4% following the release of major tech earnings stateside.

The majority of sectors ended in positive territory, led by tech stocks, which closed up 4.2%. Oil and gas stocks and bank stocks were the only sectors to close in negative territory, finishing down 0.4% and 0.3%, respectively.

Among the major companies reporting quarterly earnings on Tuesday were HSBC, UBS, Novartis, Randstad, Air Liquide, SAP and Covestro.

Shares in Europe closed higher on Monday after the announcement that Rishi Sunak would replace Liz Truss as U.K. prime minister. Sunak was formally confirmed as the country's new leader on Tuesday amid a period of economic turbulence.

U.S. stocks opened mixed Tuesday ahead of a big few days of earnings from the world's largest tech companies.

Shares in Asia-Pacific nudged mostly higher overnight after a second consecutive positive trading session on Wall Street, though Hong Kong and mainland Chinese markets were volatile following the conclusion of the China's party congress and the release of a slew of delayed economic data.

Stocks on the move: Alfa Laval down 12%

Swedish manufacturer Alfa Laval fell 12% in afternoon deals after it missed its quarterly earnings forecast.

The company said a weak tanker market and rising costs had hit its marine business.

Food delivery business Just Eat was up 8.2% following a better-than-expected profit report.

— Karen Gilchrist

U.S. stocks open mixed

U.S. markets opened mixed Tuesday as Wall Street awaited earnings announcements from top tech companies.

The Dow Jones Industrial Average was down 0.1% in early deals, while the S&P 500 was up 0.25%. Meantime, the Nasdaq Composite was up 0.7%.

— Karen Gilchrist

Sunak vows to focus on 'economic stability' as he becomes UK PM

Rishi Sunak said Tuesday that he would place "economic stability and confidence at the heart of the government's agenda" as he gave his first speech as U.K. prime minister.

Also warning of "difficult decisions to come," Sunak said he had been elected by lawmakers from the ruling Conservative Party "in part" to fix the mistakes made under predecessor Liz Truss' disastrous 45-day tenure.

Read more here.

- Elliot Smith

Adidas terminates partnership with Ye following rapper’s antisemitic remarks

Adidas on Tuesday ended its partnership with Ye, formerly known as Kanye West, after the musician made a series of offensive and antisemitic comments.

Adidas said in a statement: "Adidas does not tolerate antisemitism and any other sort of hate speech. Ye's recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company's values of diversity and inclusion, mutual respect and fairness."

Read the full story here.

- Jenni Reid

German economic sentiment remains gloomy

German business sentiment remained bleak in October, according to the Ifo Institute's business climate index published Tuesday. The index slipped to 84.3 points in October from 84.4 points in September.

"Companies were less satisfied with their current business. Their expectations improved, but they are still worried about the coming months. The German economy is facing a difficult winter," said Ifo Institute President Clemens Fuest.

- Elliot Smith

Stocks on the move: Viaplay down 29%, UMG up 7%

Earnings were a key driver of share price movement in Europe on Tuesday.

At the bottom of the Stoxx 600, shares of Sweden's Viaplay Group plunged 29% in early trade after the media company reported a third-quarter operating loss of 100 million Swedish ($8.96 million).

HSBC shares slid more than 6% after the U.K.-headquartered bank reported a 42% slide in pretax profit.

At the top of the European blue chip index, Universal Music Group shares gained 7% during early deals in the Netherlands after Apple increased the price of its streaming service, a move likely to increase revenue for the music giant.

- Elliot Smith

HSBC reports 42% profit slide on rising credit loss provisions

HSBC on Tuesday reported a 42% fall in third-quarter pretax profits following losses on the sale of its French business and a rise in bad loan provisions.

The British-headquartered lender saw net income surge on the back of rising interest rates and posted a pretax profit of $3.15 billion for the three months to the end of September, down from $5.4 billion for the same period in 2021 but well above average analyst estimates of $2.45 billion.

The sale of the bank's French unit, part of a wider effort to boost profits, resulted in a $2.4 billion hit.

- Elliot Smith

Swiss bank UBS posts 24% profit slide but beats analyst expectations

UBS on Tuesday reported a net income of $1.7 billion for the third quarter of this year, slightly above analyst expectations, with the Swiss bank citing a challenging environment.

Analysts had expected a net profit of $1.64 billion, according to Refinitiv data. UBS reported a net income of $2.3 billion a year ago.

- Silvia Amaro

Here are the opening calls

Britain's FTSE 100 is expected to inch around 2 points higher to 7,016, Germany's DAX is seen flat at 12,931 and France's CAC 40 is set to add around 22 points to 6,153.

— Elliot Smith

CNBC Pro: Sell stocks in a bear market rally, says J.P. Morgan Private Bank strategist

A J.P. Morgan Private Bank strategist has said investors should use bear market rallies, like the current one, to "de-risk" their portfolio and sell stocks ahead of a big fall in the broader market.

Last week, the S&P 500 rose by more than 3.5% despite declining by 22% this year.

The SPY ETF, which tracks the U.S. large-cap index, has risen by more than 5% in a week four times this year and twice more than 7%, according to data from Koyfin.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Chinese stocks are 'inexpensive' after big drops, fund manager says

China has become an "attractive market" for investors after stock valuations have fallen by more than 50% since 2021, according to one fund manager.

Foord Asset Management's Brian Arcese expects valuations to bounce back over the next 12 months as he believes the "regulatory overhang" facing Chinese stocks is "abating."

CNBC Pro subscribers can read more here.

— Ganesh Rao