Europe stocks close higher ahead of central bank meetings

The pan-European Stoxx 600 index preliminarily closed 0.53 percent higher, with most sectors in positive territory. Construction and materials stocks added 1.37 percent, while mining stocks shed 1.22 percent.

Investors also contested the latest earnings releases in Europe, including drinks giant Diageo, which tumbled as much as 10 percent at one point on Tuesday on its first sales decline since 2020. The Johnnie Walker maker was down 4.9 percent by the close.

Shares of Standard Chartered meanwhile ended the day over 6 percent higher after the U.K. bank announced its biggest-ever share buyback of $1.5 billion and raised its outlook in half-year results.

On the data front, the euro zone's second-quarter gross domestic product was 0.3 percent, according to a flash reading published Tuesday by the European Union’s statistical office. 

Attention is also on the Federal Reserve’s July meeting, which wraps up Wednesday. Market pricing indicates this could be the last Fed hold before the central bank starts cutting interest rates.

Investors will closely monitor the language used in Fed communications after the revision in June of its forward-looking “dot plot” to just one cut this year.
 

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