European shares hit record highs, focus shifts to earnings

European shares hit a record high on Tuesday, as a global rout in commodity markets appeared to stabilize, while the focus shifted to corporate earnings from the likes of Amundi and Siltronic.

The pan-European STOXX 600 .STOXX added 0.8% to 622.46 points by 0816 GMT, with basic resources .SXPP adding 1.9% to lead sectors higher.

Commodity-linked stocks had come under pressure since late last week, tracking a slump in prices of precious metals after Kevin Warsh, a policy hawk, was nominated as the next U.S. Federal Reserve chair. A hike in CME margin requirements also put the brakes on the metals' record rally. GOL/

On the earnings front, Europe's largest asset manager AmundiAMUN.PA climbed 4.7% after reporting higher-than-expected net inflows in the fourth quarter.

German semiconductor wafer supplier Siltronic WAFGn.DE added 2.5% after reporting preliminary fourth-quarter results with core profit and revenue beating market expectations.

The broader tech sector was in focus after U.S.-based Palantir Technologies <PLTR.O> reported a big jump in quarterly sales and issued upbeat forecasts.

-Avinash P and Johann M Cherian/Reuters