European shares shrug off HSBC miss as other earnings, oil relief lift sentiment
HSBC•European shares rose 0.47% on Tuesday, recovering from an earlier decline as strong earnings and lower crude prices offset HSBC’s more than 5% drop after revenue missed estimates. The STOXX 600 closed at 643.68 points ahead of Thursday’s European Central Bank rate decision.
1. Shares recover losses
The pan-European STOXX 600 rose 0.47% to 643.68 points, after falling as much as 0.41% earlier in the session. Strong earnings and a pullback in crude prices helped lift sentiment.
2. HSBC weighs on Britain
HSBC shares fell more than 5%, touching a more than four-month low after the bank reported revenue below estimates, partly due to slower growth at its wealth business. The declines dragged the FTSE 100 down 0.75%.
3. Other company moves
AT&S and Besi rose 11.5% and 11.4%, respectively. Applied Materials said it would increase its stake in Besi to about 20%. SIG Group gained around 10% after beating third-quarter sales estimates, while Novartis rose 1% after raising its full-year core operating income guidance.
