European stocks open higher with Fed, earnings in focus; Dax up 0.6%

Investing.com - European stocks were mostly higher after the open on Tuesday, as traders readied for the outcome of the Federal Reserve’s two-day policy meeting on Wednesday for news on the fate of the central bank’s bond buying program.

During European morning trade, the EURO STOXX 50 edged up 0.65%, France’s CAC 40 advanced 0.65%, while Germany’s DAX 30 tacked on 0.6%.

In earnings news, Siemens saw shares climb 0.9% in Frankfurt after reporting net profit rose 20% to EUR1.46 in the fiscal first quarter.

Also in Germany, Software AG shares rallied 8.3% after a well-received earnings report.

Financial stocks were broadly higher, as Italian lenders Unicredit and Intesa Sanpaolo rose 1.9% and 2.5% respectively, while France's BNP Paribas and Societe Generale advanced 1.5% and 1.9%.

Elsewhere, in London, FTSE 100 inched up 0.35% ahead of GDP figures for 2013, which are expected to show the U.K.'s economic growth was the strongest since 2007.

Miners were in demand after Nomura Holdings upgraded the sector. BHP Billiton and Rio Tinto rose 1% and 1.9% respectively, while Glencore Xstrata climbed 1.1%.

Lenders also contributed to gains, with Lloyds Banking Group and Barclays rising 2.4% and 1.4% respectively.

Meanwhile, across the Atlantic, U.S. equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.55% increase, S&P 500 futures signaled a 0.4% gain, while the Nasdaq 100 futures indicated a drop of 0.4%.

Nasdaq futures were under pressure following Apple’s disappointing fiscal first quarter earnings report released after markets closed Monday.

The tech giant said iPhone sales fell short of market expectations and the company's fiscal second quarter revenue guidance came in below consensus.

Markets were turning their attention to U.S. durable goods data due out later in the session as well as what will be a closely watch report on consumer confidence to gauge the strength of the economy.

Investors remained cautious ahead of the Fed’s highly anticipated policy meeting due to begin later Tuesday, with some expecting the central bank to cut its bond buying program to USD65 billion from the current USD75 billion.

The Fed announced its first cut to the USD85 billion in monthly bond purchases in December, citing an improving economy.