2024-10-29 23:33:29 :
(Bloomberg) — European stocks fell on Tuesday as earnings from heavyweights BP Plc and Novartis AG missed expectations, while growing market risks curbed moves that would It’s a critical week for the stock market.
As of 13:30 pm London time, the Stoxx Europe Stoxx index gave up earlier gains and fell 0.2%, with travel and leisure stocks, retailers and industrial stocks the biggest decliners.
Earnings sparked some of the biggest moves, with Novartis emerging as the biggest drag on the benchmark after the drugmaker reported disappointing sales growth for some key drugs. BP was also under pressure, with the oil major falling as net debt increased.
Banking stocks were the bright spot, with HSBC Holdings PLC rising after it announced a US$3 billion stock buyback as profits exceeded expectations. Santander Bank Polska SA was another strong gainer, reporting strong third-quarter earnings.
European stocks have been range-bound for much of the past month as investors face too much risk. In the UK, eyes will be on Wednesday’s budget and expected tax hikes and spending cuts, while traders will also focus on euro zone inflation data due later this week.
At the same time, there is only one week left before the US presidential election, and the winner of the US presidential election is still difficult to determine.
“The U.S. election is likely to be the main catalyst for what’s next for European equities,” said Hani Redha, global multi-asset portfolio manager at PineBridge Investments. “Given that the euro zone economy is currently stalled, this driver is likely to be Decisive.”
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—With assistance from Sagarika Jaisinghani.
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