Europe markets set for lackluster open; traders focus on U.S. election

European markets were little changed, as trading kicked off on Tuesday.

At 8:06 a.m. London time the pan-European Stoxx 600 was down by 0.06%. Mining stocks added 0.75%, while oil and gas stocks dipped 0.52%.

German machine and car parts maker Schaeffler on Tuesday said it was cutting thousands of jobs in Europe after it posted a 44.9% drop in core profit in the third quarter.

The company said it plans to cut around 4,700 jobs in Europe, although production relocations mean net job losses would amount to around 3,700.

Around 2,800 positions would be cut in Germany alone, Schaeffler said, noting that ten of its locations in the country would be affected. Five other locations in Europe will be impacted, with two sites being closed.

— Sophie Kiderlin

Logistics giant DHL Group on Tuesday reported a 6.9% drop in net profit in the third quarter compared to the same time period a year earlier.

Net profit for the quarter came in at 751 million euros ($817.6 million). This was below the 787 million company complied consensus, Reuters reported.

The third-quarter earnings report comes after DHL Group last week cut its operating profit outlook for the full year and the medium term, referencing a weaker macroeconomic environment in Europe and low business-to-business mail volumes.

— Sophie Kiderlin

Luxury retailer Hugo Boss on Tuesday said its operating profit fell 7% in the third quarter to 95 million euros ($103 million), ahead of the company provided poll of 90 million euros, according to Reuters.

The company also confirmed its top- and bottom-line outlook for the full year, even as it flagged declines in the Asia-Pacific region in the third quarter.

“Currency-adjusted sales in the Asia/Pacific region decreased 7%, mainly reflecting revenue declines in China, where weak local consumer demand continued to weigh on domestic retail consumption,” the company said in its Tuesday statement.

Currency adjusted sales across the group globally rose 1% in the third quarter, Hugo Boss said.

— Sophie Kiderlin

European markets are expected to open in mixed territory Tuesday.

The U.K.’s FTSE 100 index is expected to open 15 points lower at 8,177, Germany’s DAX down 12 points at 19,149, France’s CAC down 1 point at 7,374 and Italy’s FTSE MIB up 73 points at 34,358, according to data from IG.

Earnings are set to come from Earnings come from Saudi Aramco, Adecco, Schaeffler, Deutsche Post DHL, Zalando, Hugo Boss, Bouygues, Ørsted, Vestas Wind and Fresenius Medical Care.

Data releases include U.K. BRC retail sales and Spanish unemployment data.

— Holly Ellyatt

Investors in Europe who are concerned about former President Donald Trump’s potential return to the White House have several options at their disposal, according to Barclays strategists.

The bank suggested that European equities could face significant headwinds if Trump wins the presidency, primarily due to the potential for trade tariffs and protectionist policies, and named stocks and options contracts to play the various outcomes.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Goldman Sachs has refreshed its list of top stock picks in Asia to include two automotive stocks. The stocks are featured on the investment bank’s “Conviction List – Directors’ Cut,” which seeks to offer a “curated and active” list of buy-rated stocks.

It comes as auto companies have been in the spotlight in the region following stronger SUV sales in countries like India and high electric vehicle adoption in China.

CNBC Pro subscribers can read more here.

— Amala Balakrishner