Europe trades higher amid earnings onslaught

European opened higher on Wednesday on what is a bumper day of earnings, as choppy trade in Chinese stocks continues and investors look to the outcome of a two-day policy meeting of the U.S. Federal Reserve.

The pan-European Stoxx 600 was trading over 0.5 percent higher by mid-morning.

Britain's FTSE 100 and the French CAC were both around 0.5 percent higher at the open while the German DAX saw a 0.4 percent pop.

Asian stocks turned mixed early Wednesday, as volatile trade in China offset the positive lead from Wall Street overnight. However, the stabilization of commodity prices gave a slight boost to resource-dependent markets such as Australia.

One of the biggest names reporting today, Barclays, said adjusted pre-tax profit was up 11 percent to £3.7 billion in the first half of the year, sending shares up around 2 percent by mid-morning.

Total said second quarter revenue fell 29 percent year-on-year to $44.7 billion, while adjusted net profit fell 2 percent to $3.085 billion as the low oil price continues to bite. Despite this, shares in the firm were trading around 1.4 percent higher.

Tullow Oil also continued to feel the heat and reported a $10 million pre-tax loss in the first half of the year and a 35 percent plunge in revenue. The company also said that it would suspend its dividend. Shares were over 3.4 percent higher at the open but reversed gains to trade slightly lower by mid-morning.

French carmaker Peugeot said its net profit for the first half of the year came in at 571 million euros ($630.5 million) after booking a 114 million euro loss a year earlier. Peugeot saw a 5 percent pop as a result.

In the pharmaceutical space, Bayer reported a 20.9 percent rise in net profit in the second quarter to 1.15 billion euros ($1.27 billion) from 953 million euros in the same period last year, sending shares over 4.7 percent higher.

Cement maker Holcim saw second-quarter net profit plunge 35.2 percent year-on-year to 263 million Swiss francs in its last earnings as a separate company before it begins reporting as a group after its merger with Lafarge. The new group, LafargeHolcim, also released a "roadmap" for the second half of the year. In a press release on Wednesday, the company said that its dividend will stand at 1.30 Swiss francs per share for the 2015 financial year. Shares in LafargeHolcim plunged over 5.8 percent.

Dutch publishing company Wolters Kluwer reported better-than-expected revenues, up 17 percent in the first half of the year compared to the same period in 2014. Shares in the firm surged over 5 percent.

European pay-TV group Sky said revenues rose 5 percent year-on-year to £11.3 billion ($17.6 billion) for the 12 months ending June 30, sending the company's stock price up 2 percent.

Oil and gas company Saipem announced thousands of job cuts on Tuesday and revised down its outlook for the rest of the year. Shares in the Italian firm plunged over 8.8 percent as a result but was trading around 6.3 percent lower by mid-morning.

British American Tobacco said revenues fell in the first half of the year due to currency fluctuations but shares in the company were trading around 2.6 percent higher.