European shares edge higher as earnings roll in, tariff watch continues

April 29 (Reuters) - European shares nudged higher on Tuesday as investors assessed a spate of corporate earnings, monitored potential tariff moves, and awaited key economic data.

The pan-European STOXX 600 index .STOXX was up 0.2%, as of 0712 GMT, but on track for a second consecutive monthly drop, if current trend holds. Other regional indexes were also trading in positive territory, barring the UK .FTSE that was down 0.1%.

The UK's FTSE index slipped as BP BP.L shares fell 3.3% after the oil giant reported first-quarter profit that missed expectations.

U.S. President Donald Trump's administration will move to reduce the impact of his automotive tariffs by alleviating some duties imposed on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said.

Markets have stabilized somewhat in recent weeks on optimism over potential deals between the U.S. and its trading partners, especially China. However, a lack of clarity on Sino-U.S. negotiations has kept the market sensitive to any developments.

Shares of HSBC HSBA.L rose 2.3% after the London-based lender launched a $3 billion share buyback.

Deutsche Bank DBKGn.DE, Germany's largest lender, advanced nearly 3% after it posted a 39% rise in first-quarter profit.

On the other hand, Porsche P911_p.DE fell 7.4% after the German luxury sports car maker slashed a series of forecasts for 2025.

Investors are also set to parse key economic data, including the euro zone consumer confidence report due later in the day.