European stocks opened higher on Tuesday with corporate earnings dominating market moves.

The pan-European Stoxx 600 opened up 0.2 percent in morning trade.

Several firms are reporting earnings Tuesday, including Novartis, Norsk Hydro, Randstand and Swedbank.

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Banks earnings

Orange, the French telecom company reported an increase in earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.6 percent in the third quarter to USD 3.91 billion. It saw an increase of 845 000 new mobile contracts in the same period.

Syngenta announced Tuesday morning sales of USD 2.5 billion in the third quarter of this year, slightly below a Reuters estimate of USD 2.6 billion. The Swiss agribusiness firm is delaying into 2017 its deal with ChemChina to allow competition authorities to conclude their work. On Monday, the stock saw its shares falling as much as 9 percent after media reports announcing the delay.

Novartis saw its net income going up by 7 percent in the third quarter, but earnings per share (EPS) went down about 3 percent. EPS stood at USD 1.23.

Banks

Swedbank surprised on Tuesday morning when it announced a net profit increase of USD 541 million in the third quarter of 2016.

Birgitte Bonnesen, CEO of Swedbank, told CNBC on Tuesday that she is confident about the quality of the bank's assets, adding that loan growth was solid.

The International Energy Agency said Tuesday that global demand for oil is set to decrease next year to 1.2 million barrels per day. This represents a fall of 0.4 million barrels a day compared to 2016.

Oil prices remain at the USD 50 level.

In terms of data, French business confidence, Spain's Producer Price Index (PPI) and the German IFO survey will also be on the radar.