European markets were slightly higher on Tuesday morning, as investors monitored the latest deluge of corporate earnings.
The pan-European Stoxx 600 edged up 0.1 percent during mid-morning deals, with most sectors and major bourses in positive territory.
Oil and gas stocks led the gains Tuesday, up around 0.7 percent, after Barclays published a list of its preferred European oil and refining stocks. BP, Total, Royal Dutch Shell and OMV were all named as favorable stocks by the U.K. bank — sending shares of each company higher.
Meanwhile, travel and leisure stocks were the worst performers, down over 1.2 percent during mid-morning deals. The sector was dragged lower by William Hill, after a report by the U.K. Treasury said it planned to support a proposed cut in the maximum bet for fixed odds betting terminals. Shares of the U.K. firm tanked over 14 percent on the news.
Looking at individual stocks, Germany's SAP announced upbeat figures despite a seasonally tough first three months of the year. Europe's largest tech company by stock market valuation said Tuesday it was gaining ground on its competitors in the cloud. Shares of the company were up over 3 percent on the news.
Randstad slumped towards the bottom of the European benchmark, as the world's second-largest staffing company posted its latest figures. The Dutch employment agency said core earnings rose 4 percent in the first quarter of 2018, supported by robust growth across Europe. Nonetheless, its Monster subsidiary in the U.S. continued to underperform. Shares of Randstad were off around 4 percent.
On the data front, Germany's business confidence slipped for the fifth consecutive month in April, according to data published Tuesday by the country's Ifo institute. The indicator of German business morale slipped to 102.1 points in April, down from 103.3 points in March.
In markets overseas, stocks in Asia ticked higher during Tuesday's session despite a weak trading day on Wall Street, as investors kept a close eye on the U.S. bond market.
On Monday, the yield on the 10-year Treasury note hit 2.99 percent, its highest level since January 2014. The yield was flirting with the key psychological 3 percent level, which could trigger a reaction from markets across the globe; however, the yield has since come off its highs. Investors have been selling Treasurys in April — consequently pushing yields up — amid beliefs of rising inflation, which may encourage the U.S. central bank to tighten monetary policy more rapidly.
Another market topic keeping investors busy is the oil market. On Tuesday, Brent crude rose for the sixth day on expectations that supplies will tighten. Brent traded close to $75 during mid-morning deals, while U.S. crude hovered below the $69 per barrel mark.
Elsewhere, investors will be paying attention to any news out of the political space as French President Emmanuel Macron continues his state visit to the U.S., where he is currently meeting President Donald Trump.
While security, trade and economic growth are expected to remain at the forefront of discussions, another topic that hangs in the balance is that of the Iran nuclear deal. Over the weekend, Macron said that there was no "Plan B" for keeping a lid on the country's nuclear objectives; Reuters reported.