Earnings Flurry Leaves European Stocks Mixed
On Tuesday, the Stoxx 50 index experienced a decline of 0.5%, primarily driven by a significant 6.6% drop in Schneider Electric shares following the company's announcement of missed revenue targets and a downward revision of its profit margin projections. The luxury and retail segments also contributed to the downward trend, with LVMH decreasing by 2% and Inditex losing 3.7%. Additionally, Adidas shares fell by nearly 3% despite reporting strong profits, as the company warned that U.S. tariffs might lead to increased prices.
In contrast, the broader Stoxx 600 index rose by 0.4%, marking its sixth consecutive session of gains. HSBC surpassed earnings expectations and declared a $3 billion share buyback, while Deutsche Bank reported an impressive 39% increase in profits. However, BP's shares dropped after the company reported a 49% decline in first-quarter profit, attributed to weaker oil prices. The automotive sector underperformed, with Volvo Cars declining by 1.2% following the suspension of its guidance and Porsche falling by 4.2% after lowering its forecasts, citing concerns over U.S. tariffs.
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