LIVE MARKETS-Financials prop up the STOXX, FTSE lags
European shares opened positively, with the STOXX 600 up 0.3%, driven by strong bank earnings from Deutsche Bank, HSBC, and BBVA. However, the FTSE 100 lagged, remaining unchanged due to pressure from AstraZeneca and BP, which faced regulatory and profit challenges. S&P 500 futures rose 0.2% as financials supported the market.
STOXX 600 up 0.3%
Banks earnings welcomed
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FINANCIALS PROP UP THE STOXX, FTSE LAGS
European shares got off to a slightly positive start on Tuesday, with financials providing the biggest uplift on a heavy day for bank earnings - Deutsche Bank (DBKGn.DE) , HSBC (HSBA.L) and BBVA (BBVA.MC) all surged after topping market expectations.
The region wide STOXX 600 (.STOXX) was last up 0.3%, also supported by gains across industrials and tech, while healthcare and energy were top drags, with London-listed heavyweights AstraZeneca (AZN.L) and BP (BP.L) both under pressure.
The British drugmaker was burdened by news it could face a 8 million fine in China over suspected unpaid import taxes, while a profit miss penalised BP.
As a result, the UK’s blue chip FTSE 100 (.FTSE) index lagged the broader European stock market. It was last unchanged.
(Danilo Masoni)
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