European markets close slightly higher as traders focus on U.S. Election Day; Hugo Boss falls 4.7%

This is CNBC's live blog covering European markets.

European stocks closed slightly higher Tuesday as global markets braced for the outcome of the U.S. presidential election.

The pan-European Stoxx 600 ended the session up 0.06%, with sectors divided across the flatline following a mixed session. Industrial stocks added 1.2% while autos fell 1.82%.

Shares in Hugo Boss closed 4.3% lower after the company posted a better-than-expected operating profit in the third quarter but flagged declines in the Asia-Pacific region linked to weakness in China.

Elsewhere, Schroders shares tumbled 13.7% after the asset manager posted its latest trading update.

Market attention is focused on which party dominates Congress as a result of the U.S. election, given that a sweep by Republicans or Democrats could contribute to drastic spending changes or a big revamp of tax policy. Follow CNBC's 2024 election live blog here.

In addition to the election, Wall Street is eyeing the Federal Reserve's upcoming rate decision on Thursday. According to CME Group's FedWatch Tool, traders anticipate a 99% chance of a quarter-point rate cut at the end of the central bank's policy meeting, following a half-percentage-point reduction in September.

U.S. stocks climbed slightly higher on Tuesday as Wall Street awaited the outcome of the election. Asia-Pacific markets, meanwhile, traded mixed overnight.

— CNBC's Samantha Subin contributed reporting to this markets blog.

European markets closed slightly higher on Tuesday as global markets awaited the outcome of the U.S. presidential election.

The pan-European Stoxx 600 added 0.07%, as sectors and major bourses diverged. Industrial stocks added 1.2%, while health care stocks lost 1.87%

— Karen Gilchrist

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