Bourses in Europe started Tuesday's session moving slightly higher despite concerns over the Italian banking system and the implementation of an OPEC deal.

The pan-European Stoxx 600 was 0.04 percent higher with all the major bourses trading positive.

Two Italian banks, Popolare di Vicenza and Veneto Banca, which were rescued last year, are to propose a deal with disgruntled shareholders that could cost the

banks more than 600 million euros (USD 634 million). According to Reuters, the two banks are seen as the next big issue in the Italian banking system.

Airbus is reportedly set to post an 8 percent increase in its 2016 deliveries, according to Reuters, bringing the European planemaker closer to rival Boeing.

The French cosmetics firm L'oreal announced Tuesday that it was buying three skincare brands from Valeant for USD 1.3 billion, Reuters reported.

Meanwhile, oil prices extended losses seen during US trading on Monday as investors remain concerned that record crude exports from Iraq will affect the implementation of the OPEC deal to cut production.

On Tuesday's calendar will be the release of the World Bank Global Economic Prospects report. President Barack Obama is also giving a farewell address later in the day.

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