Europe stocks higher early on; drugmakers rise

European shares were higher in early trade on Tuesday, with investors sticking to defensive drugmakers as they await U.S. pending home sales.

By 0706 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.5 percent at 976.69 points.

"Anything that shows new home sales rising and inventories falling is good as it strengthens the case home prices are stabilising," said Bernard McAlinden, market strategist at NCB Stockbrokers, referring to the U.S. data.

The U.S. National Association of Realtors releases Pending Home Sales for July at 1400 GMT. Economists in a Reuters survey expect a 2.0 percent rise compared with a 3.6 percent increase in the previous month.

Drugmakers were the biggest risers on the index. GlaxoSmithKline, AstraZeneca, Novartis and Roche were 0.7 to 1.6 percent higher.

On the downside, miners were lower as copper slipped 2.3 percent following a selloff in Shanghai. Anglo American, Antofagasta, BHP Billiton, Eurasian Natural Resources Corporation and Xstrata were down 0.3 to 2.1 percent.

Across Europe, the FTSE 100 index was up 0.1 percent, Germany's DAX was 0.5 percent higher and France's CAC 40 was up 0.8 percent.