European stocks were little changed on Tuesday after having hit six-month lows in the previous session on heightened Middle East tensions, an unwinding of yen carry trades, lukewarm tech earnings, and concerns about slowing U.S. economic growth.
The pan European STOXX 600 was marginally lower at 486.86 after logging its steepest three-day decline since June 2022 on Monday.
The German DAX slipped 0.1 percent, France’s CAC 40 shed 0.6 percent and the U.K.’s FTSE 100 was down 0.4 percent.
The dollar edged up slightly while U.S. Treasury yields fell ahead of the auction of $58 billion of three-year notes later in the session.
In corporate news, Swiss staffing firm Adecco climbed 2.2 percent after posting better-than-expected Q2 results.
Italian bank Monte dei Paschi di Siena surged 6.6 percent after raising its profit outlook.
InterContinental Hotels Group rose about 1 percent in London after the Holiday Inn owner reported a 3.2 percent rise in revenue per available room in the second quarter.
Asset manager Abrdn rallied 3.2 percent after reporting better-than-expected profit and lower costs for the first half of the year.
Construction materials provider SIG declined 1.8 percent after reporting a loss in its half-year results.
Domino’s Pizza slumped 6.6 percent as it forecast its annual profit to be at the lower end of market expectations.
German pharmaceutical and life sciences giant Bayer edged up slightly after reporting mixed results for the second quarter and reiterating group guidance.
In economic releases, Germany’s factory orders rebounded in June due to the significant improvement in the auto industry, data from Destatis revealed.
Manufacturing orders increased by more-than-expected 3.9 percent on a monthly basis in June, in contrast to the revised 1.7 percent decrease in May. Orders were forecast to climb only 0.7 percent.
Separately, Eurostat reported that Eurozone’s retail sales dropped at an annual rate of 0.3 percent in June after increasing by 0.5 percent in May.
Business News
European Shares Give Up Early Gains As Eurozone Retail Sales Disappoint
2024-08-06 09:32:06
