European stocks turned in a relatively lackluster performance during trading on Tuesday, with the major market indexes finishing the day on opposite sides of the unchanged line.
While the French CAC 40 Index rose by 0.3 percent, the U.K.’s FTSE 100 Index and the German DAX Index both edged down by 0.1 percent.
The advance by French stocks came amidst strong corporate results announcement. However lingering anxiety ahead of the release of the ECB minutes limited gains.
Specialty chemicals business Air Liquide surged after reporting a rise in net profit and sales that surpassed expectations.
Meanwhile, the dip by the German DAX Index came as markets braced for the release of the ECB minutes as well as PMI, GDP and Business Climate readings later in the week.
The U.K.’s FTSE 100 Index edged lower despite dovish comments from Governor Andrew Bailey and other officials of the Bank of England.
“Bank of England governor Andrew Bailey confirmed at a Treasury Select Committee meeting that UK interest rates could be cut before inflation hits the 2% target if the central bank wished to make such a move,” said Danni Hewson, head of financial analysis at AJ Bell.
Hewson added, “This gave some clarity on how the central bank might behave and gave a spark to bond markets, but it wasn’t enough to put stocks and shares into overdrive.”
Major European Markets Close Narrowly Mixed
2024-02-20 19:53:52
