European markets close slightly higher as traders focus on U.S. Election Day; Hugo Boss falls 4.7%

This is CNBC's live blog covering European markets.

European stocks closed slightly higher Tuesday as global markets braced for the outcome of the U.S. presidential election.

The pan-European Stoxx 600 ended the session up 0.06%, with sectors divided across the flatline following a mixed session. Industrial stocks added 1.2% while autos fell 1.82%.

Shares in Hugo Boss closed 4.3% lower after the company posted a better-than-expected operating profit in the third quarter but flagged declines in the Asia-Pacific region linked to weakness in China.

Elsewhere, Schroders shares tumbled 13.7% after the asset manager posted its latest trading update.

Market attention is focused on which party dominates Congress as a result of the U.S. election, given that a sweep by Republicans or Democrats could contribute to drastic spending changes or a big revamp of tax policy. Follow CNBC's 2024 election live blog here.

In addition to the election, Wall Street is eyeing the Federal Reserve's upcoming rate decision on Thursday. According to CME Group's FedWatch Tool, traders anticipate a 99% chance of a quarter-point rate cut at the end of the central bank's policy meeting, following a half-percentage-point reduction in September.

U.S. stocks climbed slightly higher on Tuesday as Wall Street awaited the outcome of the election. Asia-Pacific markets, meanwhile, traded mixed overnight.

— CNBC's Samantha Subin contributed reporting to this markets blog.

European markets close slightly higher

European markets closed slightly higher on Tuesday as global markets awaited the outcome of the U.S. presidential election.

The pan-European Stoxx 600 added 0.07%, as sectors and major bourses diverged. Industrial stocks added 1.2%, while health care stocks lost 1.87%

— Karen Gilchrist

Currency market volatility spiking with election

The dollar index fell 0.3% to 103.58 on Tuesday as traders brace for the results of the U.S. presidential election.

"Markets are holding their breath as America votes, with expected currency volatility across short tenors hitting levels we haven't seen since the 2020 election showdown or the Brexit vote of 2016," said George Vessey, lead FX strategist at Convera.

Vessy added that volatility in the exchange rate between the greenback and the Chinese yuan has surged to highs from the 2020 election. The dollar was last down 0.1% on the day at 7.10 yuan. Week to date, the dollar has weakened 0.5% against the yuan.

— Hakyung Kim

U.S. stocks rise as Wall Street awaits election result

U.S. stocks ticked higher Tuesday as Americans headed to the polls for the high-stakes U.S. presidential election.

The tech-heavy Nasdaq Composite led gains, adding 0.8%, while the S&P 500 added 0.7%. The Dow Jones Industrial Average added 0.32%.

— Karen Gilchrist

Syensqo CEO says potential job cuts impact less than 2% of its workforce

Wise climbs 8.6% after Standard Chartered announces partnership with the British payments company

Financial technology company Wise added over 8% on Tuesday after climbing throughout the morning.

The gains come after Standard Chartered announced that it would use Wise's payments platform to boost its cross-border payments offering for retail customers.

Standard Chartered customers in Asia and the Middle East will be able to send money in 21 currencies in the coming months using Wise's foreign exchange infrastructure, the firm said in a statement.

At 12:36 p.m. London time, Wise shares were up 8.6%.

— Sophie Kiderlin

Adecco shares fall 10% after firm posts weaker-than-expected revenue in third quarter

Shares of human resources and staffing firm Adecco fell over 10% on Tuesday after the company posted its third-quarter results that showed organic revenues falling short of expectations.

Revenue came in at 5.7 billion euros ($6.2 billion) in the third quarter, a 5% drop on an organic basis from the same time a year earlier. The figure was also below the 5.81 billion euro forecast in a company compiled consensus, according to Reuters.

Adecco also said it was expecting revenue in the fourth quarter to be similar to the third quarter.

Shares were down 10.6% at 11:27 a.m. London time.

Adecco CFO Coram Williams on Tuesday told CNBC that the firm posted "a robust result in challenging markets."

— Sophie Kiderlin

Schaeffler CEO says job cuts 'absolutely necessary'

Schaeffler CEO Klaus Rosenfeld on Tuesday said that job cuts at the company are "absolutely necessary."

After merging with auto technology firm Vitesco there were now "cost synergies that are headcount related that now need to be realized," he told CNBC's "Squawk Box Europe."

Rosenfeld said the bearings and industrial solutions business of Schaeffler was also experiencing headwinds, which means capacity, costs and headcount would need to be cut or adjusted.

"That's the main part of the 4,700 job cuts we are announcing today, that's more than 50% of that, and that is absolutely necessary," he said.

— Sophie Kiderlin

DHL Group CEO: anticipating 'a normal peak season'

DHL Group CEO Tobias Meyer on Tuesday told CNBC that the German logistics giant is anticipating "a normal peak season," as business-to-consumer parcel shipping sees "good pickup" in Europe.

This is taking place even as "Europe is wrestling with relatively weak development," he said.

DHL Group earlier on Tuesday posted its third-quarter earnings, with its net profit coming in below expectations.

— Sophie Kiderlin

Vestas shares fall 11%, on track for worst day since 2021

Shares of wind energy company Vestas fell over 11% on Tuesday, putting it on track for its worst day since November 2021 according to LSEG data, after the company's third quarter earnings fell short of expectations.

Operating profit before special items came in at 235 million euros ($256 million) in the third quarter of 2024, far below the 352 million forecast of analysts in a company-compiled poll, according to Reuters.

Vestas also said it was now expecting its EBIT margin before special items to come in the lower range of the anticipated 4% to 5%, while reiterating its revenue expectations.

Shares were last down 11.44% at 9:04 a.m. London time.

— Sophie Kiderlin

Schroders shares tumble 13% after third-quarter trading update

Shares of Schroders tumbled by more than 13% soon after markets opened on Tuesday, hitting levels last seen in March 2020, according to LSEG data.

Schroders on Tuesday reported quarterly net outflows of client funds worth £2.3 billion ($2.99 billion). The company attributed this to market volatility in China.

Assets under management totalled £777.4 billion at the end of the third quarter, the firm said, just ahead of the £773.7 billion at the end of the previous quarter.

At 8:41 a.m. London time, Schroders shares were down 11%.

— Sophie Kiderlin

European markets little changed as Tuesday trading begins

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%.

— Sophie Kiderlin

Car parts maker Schaeffler to cut thousands of jobs in Europe

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

DHL Group net profit falls 7% in third quarter, coming in below expectations

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

Hugo Boss posts better-than-expected operating profit in third quarter, flags China weakness

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: Here are the opening calls

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

CNBC Pro: How European investors can hedge against a Trump win, according to Barclays

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

CNBC Pro: Goldman Sachs names 2 top auto stocks in Asia — giving one 44% upside

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