European stock markets fell on Tuesday as investors examined more corporate earnings and comments from European Central Bank officials on the interest rate outlook.
The pan-European STOXX 600 index fell 0.41% to 467.07 points, as jitters resurfaced after US bank First Republic said its deposits fell by more than $100 billion in the recent quarter.
Miners fell 2%, followed by Boliden, which lost 5.6% after the Swedish copper company posted Q1 adjusted operating profit below market estimates, citing manufacturing challenges.
Meanwhile, the food and beverage index rose 0.5%.
“The big picture is that markets are in a consolidation phase. Economic growth has held up better than expected and for European companies, corporate results have been better than expected and today is a good example of that,” said Andrew Bell, chairman of Witan Investment Trust.
“The uncertainty is that interest rates are likely to go up a little more. People aren’t sure.”
Weighing into the index, UBS Group lost 2.7% after the bank set aside more cash to limit its involvement in toxic mortgages, halving its first-quarter profit.
Spain’s Santander fell 3.9% after the bank reported a sharp drop in net profit in Brazil, its main market, despite overall net profit rising 1%.
. In LONDON, the Financial Times index fell by 0.32% to 7,887 points.
. In FRANKFURT, the DAX index fell by 0.11% to 15,845 points.
. In PARIS, the CAC-40 index lost 0.62%, to 7,526 points.
. In MILAN, the Ftse/Mib index lost 0.87% to 27,296 points.
. In MADRID, the Ibex-35 index recorded a drop of 1.25%, to 9,288 points.
. In LISBON, the PSI20 index lost 0.18% to 6,187 points.
Source: Terra
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