European markets opened on a positive note Tuesday, recovering cautiously from a selloff in the previous session, on the expectation of encouraging data from the manufacturing sector in the euro zone.
The flash purchasing managers’ index (PMI) data, which will be released later in the day, is expected to show a boost in the manufacturing growth and consumer sentiment.
The French CAC 40 index was up 0.65 percent or 22.08 points to 3,428.58. Shares of Alstom SA advanced 2.68 percent and those of Cap Gemini SA rose 2.35 percent.
London's FTSE 100 index rose 0.24 percent or 13.99 points to 5,811.90. Shares of ARM Holdings Plc gained 2.34 percent and Kazakhmys Plc shares gained 1.94 percent.
Germany’s DAX 30 index rose 0.46 percent or 32.71 points to 7,206.40. Shares of SAP AG added 4.14 percent and those of BASF SE gained 1.17 percent.
Spain's IBEX 35 was up 0.54 percent or 42.20 points to 7,789.90.
Euro STOXX 50 was trading at 2,491.21 up by 13.29 points or 0.54 percent.
The FTSEurofirst 300 Index closed 1.7 percent down and the Euro STOXX 50 ended 2.1 percent low Tuesday — their lowest levels in one and a half months — as the weak corporate earnings worldwide and the Spain's debt crisis weighed on the investor sentiment.
European Central Bank (ECB) President Mario Draghi Wednesday will be visiting the Germany’s parliament to discuss the ECB bond-buying policy with the politicians while in Spain, Prime Minister Mariano Rajoy will vote on the 2013 budget. Spain’s 2013 budget that recommends further austerity measures for cutting the budget deficit has evoked strong criticism and protests in the country.
The encouraging signs from China after HSBC flash Purchasing Managers' Index released Wednesday morning showed an improvement in the manufacturing growth helped the Asian markets come off their lows. China’s output for the September was at a three-month high of 49.1 from September's final reading of 47.9.