Europe open: Shares up ahead of Fed, BoE; St James's Place surges

(Sharecast News) - European markets opened higher Tuesday amid another earnings dump as investors also looked ahead to rate decisions from the US and UK.

The pan-regional Stoxx 600 index was up 0.24% at 513 in early deals.

Investors will be closely watching the US Federal Reserve's July meeting - which concludes on Wednesday - with expectations that rates will be kept on hold one more time before a cut is implemented.

Meanwhile on Thursday Bank of England's monetary policy committee will meet on Thursday, with no indication on whether it will cut or hold.

In equity news, shares in UK wealth manager St James's Place surged 20% after the company revealed plans to cut millions in costs.

Shares in Standard Chartered jumped as the Asia-focused bank announced its biggest-ever share buyback, of $1.5 billion, and raised its outlook in half-year results.

Drinks maker Diageo slumped as Latin American sales fell.

Reporting by Frank Prenesti for Sharecast.com