European markets slightly higher as traders digest slew of earnings; Novartis down 3.5%

European markets reversed early gains Tuesday as traders in the region digested the latest slew of earnings reports.

The pan-European Stoxx 600 was trading slightly higher, up 0.02%, by 8:26 a.m. London time, with sectors slipping inro mixed territory. Banks added 0.8% while mining stocks dipped 0.16%.

Shares of Novartis fell 3.5% despite the company raising its full-year guidance after reporting an uptick in third-quarter sales. CEO Vas Narasimhan told CNBC Tuesday he was confident the company can retain “consistent growth” by focusing on its range of around 15 blockbuster drugs, even as it steers clear of the GLP-1 weight loss drug market.

Meanwhile, HBSC‘s London-listed shares added 2.9% after it issued a third-quarter earnings report that beat analyst estimates and announced that it will repurchase up to $3 billion in shares.

Tuesday saw a slew of other earning, including from Adidas, Lufthansa, Santander and BP, among others. Data releases of note include Germany’s GfK consumer confidence figures.

Asia-Pacific markets traded mixed in spite of gains on Wall Street as investors looked toward a slate of mega-cap technology earnings this week, including Meta Platforms and Microsoft on Wednesday and Apple on Thursday..