European equity markets held gains throughout the trading session Tuesday as shares rose the most in three weeks following solid regional and U.S. earnings and the prospect of continued monetary support from the region's major central banks.

The Stoxx 600 index, the region's broadest, had its best single-day advance since September 22, rising 4.93 points, or 1.46%, to 342.35. Financial shares led the session's gains, followed by utility and technology stocks. The biggest upside mover on the session was Domino's Pizza Group, the U.K. unit of the American fast-food giant, which gained 7% to 341.8 pence per share.

U.S. shares of Domino's Pizza (DPZ) - Get Domino's Pizza, Inc. Report climbed 7.2% to $162.295 by mid-day on Wall Street after the pizza restaurant chain posted earnings and revenue that topped analysts' estimates for the 2016 third quarter.

"This is an amazing, amazing quarter," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" Tuesday. "They are really executing at a very high level," Cramer added, "They're doing a fantastic job. They're getting it."

Britain's FTSE 100 rose firmly over the 7,000 threshold after building on gains throughout the session, but pared that advance to close at 6,995.27, up 0.69% from Monday's close as basic material stocks rose in concert with a global commodity price rally and financial stocks lifted off the back of consistently-strong third-quarter earnings the U.S.'s biggest investment banks.

Easyjet (ESYJY) was the session's biggest mover to the upside as shares rose more than 5% to 918 pence after rival Ryanair (RYAAY) - Get Ryanair Holdings Plc Sponsored ADR Report cut its profit forecast in the wake of the pound's post-Brexit vote collapse. Easyjet shares, however, have fallen more than 40% since Britain voted to leave the European Union on June 23.

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In the opposite direction, Burberry (BURBY) shares fell the most since October 2015, declining 7.6% to 1,397 pence per share, after it reported better-than-expected sales but disappointed investors with its growth story in Asia.

The London-based luxury goods maker said sales revenue grew 2% to £895 million ($1.1 billion) in the three months ending in September as the weak pound helped deliver a "significant outperformance" in its fiscal second quarter. The pound has fallen about 19% since the U.K. voted to leave the European Union, benefiting many British exporting companies.

Germany's DAX index rose 1.13% into the close, ending the session at 10,628.50, while the CAC 40 in Paris added 1.30%, rising past 4,500 on the back of outperforming financial and technology stocks.

In Germany, the biggest, and in fact only, major decliner was Continental (CTTAY) , Europe's second-largest tire maker, which cut its earnings outlook for fiscal 2016 as warranty and antitrust provisions added to supply-chain woes.

The Hanover, Germany-based supplier of tires, brake systems, and powertrains, cut its margin on adjusted earnings before interest and tax (Ebit) for fiscal 2016 to over 10.5% from over 11% late Monday despite maintaining its sales outlook. Shares fell 3.9% in early trading before paring the decline to 0.63%, taking the closing price to €174.20 and have given back more than 15% over the past 12 months.

The pound had another volatile session on foreign exchange markets, but nonetheless rose nearly 1% against the U.S. dollar to 1.2293. The rally was fuelled in part by a faster-than-expected September inflation reading from Britain's statistics office, which showed consumer prices rising by an annual 1%, and by headline news from a High Court case in London that aims to challenge the government's plan to limit lawmakers from voting on the terms of the country's EU exit.

Benchmark U.K. government bonds, known as Gilts, rallied on the news, with yields falling to around 1.08%, as traders extended bets that the Bank of England may still need to lower its key lending rate from 0.25% when it meets next month in London in order to continue supporting the country's slowing economy. 

In Europe, the single currency fell to its lowest level against the greenback in several weeks, touching 1.0972, as the European Central Bank's most recent lending survey showed banks are preparing to tighten financing conditions in the months ahead. Traders interpreted the data, along with muted growth and tepid inflation, as clues that the ECB likely won't make any changes to the pace of its €80 billion per month asset purchase program when it meets later this week in Frankfurt.