European stocks fell on Tuesday after three consecutive sessions of record highs as investors shifted their attention from US-China trade issues to corporate balance sheets.
The continental STOXX 600 index closed 0.2% lower.
Nokia jumped more than 20% to its highest level since 2016 after Nvidia said it planned to invest $1 billion in the telecoms equipment supplier.
The telecom index outperformed its peers with an increase of 2.2%.
On the other hand, healthcare stocks fell 1.7%, with Swiss pharmaceutical company Novartis falling 4.2% despite third-quarter profit coming in line with forecasts.
The European construction and materials sector lost 0.8%, weighed down by chemicals company Sika’s 5.9% loss following a rating downgrade.
Banks recorded an increase of 0.8%. HSBC rose 4.6% after raising its revenue forecast.
European stocks have enjoyed a recent rally to record highs, driven by optimism over a possible trade deal between the United States and China ahead of an expected meeting between the two countries’ presidents on Thursday.
A trade deal would halt heavier U.S. tariffs and controls on Chinese exports of rare earths, helping to ease some recent concerns about tensions between the two economic powers.
“Market participants are now convinced that Sino-US trade and relations are more or less resolved and in a much better place, at least temporarily,” said Michael Brown, senior research strategist at Pepperstone.
IN LONDON, the Financial Times index advanced by 0.44%, to 9,696.74 points.
IN FRANKFURT the DAX index fell by 0.12%, to 24,278.63 points.
IN PARIS, the CAC-40 index lost 0.27%, to 8,216.58 points.
IN MILAN the Ftse/Mib index grew by 0.51%, to 43,128.53 points.
In MADRID, the Ibex-35 index recorded an increase of 0.54%, to 16,087.00 points.
IN LISBON, the PSI20 index depreciated by 0.04%, to 8,348.77 points.
Source: Terra
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