European markets head for a higher open as traders digest earnings news

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European stocks were mixed Wednesday morning as traders digested a slew of new corporate earnings.

The pan-European Stoxx 600 hovered slightly above the flatline by mid-morning, with basic resources adding 1.9% while oil and gas stocks fell 0.5%.

European stocks are following a mixed trend seen elsewhere overnight. U.S. stocks rose slightly in premarket trade following the Tuesday session that snapped a six-day winning streak on Wall Street. Despite the pause in the rally, better-than-expected earnings from TwitterLyftCisco SystemsMattel and Yelp boosted sentiment.

Shares in Asia-Pacific were also mixed in Wednesday trade after the winning streak on Wall Street petered out.

Meanwhile, investors are also monitoring process on a Covid-19 stimulus package stateside. House Democrats on Monday unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills. 

Investors are also keeping tabs on impeachment proceedings against former President Donald Trump. The second impeachment trial against Trump kicked off Tuesday with a round of debate over whether the trial is constitutional.

Earnings in focus