Before the bell: European futures edge higher, heavy earnings day

It was also a busy day for European corporate earnings.

Lufthansa LHAG.DE was indicated lower after the German airline missed expectations for operating profit and cut its outlook, citing higher fuel costs and the impact of strikes.

Online fashion retailer Zalando ZALG.DE also lowered its growth and earnings guidance for the current year, sending its shares down more than 7% in early Frankfurt trading.

In the UK, BP BP.L beat profit expectations thanks to stronger oil and gas prices and announced an increase in its dividend.

HSBC HSBA.L also reported better-than-expected earnings and raised its net interest income target, supported by growth in lending revenue and wealth management fees.

Later in the day, attention will turn to SpaceX SPCX.O as the company is due to report its first results since going public. The stock could also come under pressure from the expiry of its post-IPO lock-up period, which begins on Thursday.

European shares were set to extend gains on Tuesday, shrugging off a rebound in oil prices after Monday's selloff, as uncertainty persisted over efforts to end the U.S.-Iran conflict.

Sentiment was supported by a positive close on Wall Street and further gains in U.S. stock futures. Futures on the EuroSTOXX50, Germany's DAX and Britain's FTSE 100 were up around 0.3% ahead of the cash market open.

U.S. Nasdaq futures rose for a fourth consecutive session, even as volatility persisted across the global technology sector amid lingering questions over whether massive investments in AI infrastructure will generate enough returns.