Economic news

European Stocks Down as Virus Fears Dampen Earnings Boost

European stocks slipped on Tuesday as tighter coronavirus curbs across the continent and doubts over fresh U.S. stimulus ahead of the presidential election curbed optimism from strong earnings from Swiss bank UBS and others.

The pan-European STOXX 600 was down 0.1% by 0708 GMT, tracking weakness in Asian markets.[MKTS/GLOB]

Ireland announced some of Europe’s toughest COVID-19 constraints on Monday, while Italy, Spain and Britain also imposed curbs to limit the spread of the virus, raising concerns about the potential economic impact.

European stock markets run by Euronext resumed normal trading as the exchange operator aimed to restore full services after it was plagued by technical glitches the previous day.

France's CAC 40 was nearly flat in early deals, after trading was halted on Monday.

Earnings reports were a bright spot. UBS rose 2.1% as it posted a 99% jump in quarterly profit on heavy turnover in global markets.

Swedish bank Swedbank gained 0.9% as it reported a bigger-than-expected rise in quarterly net profit, with help from the strong stock market and net commission income.

Computer peripherals maker Logitech International surged 15.8% after the company raised its full-year forecast.

Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila

Source: Reuters


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