European markets closed lower Tuesday, as traders in the region continued to digest the latest slew of earnings reports and looked ahead to fresh corporate results stateside.
The pan-European Stoxx 600 fell 0.59%, extending losses through the afternoon as most sectors dropped into the red. Banks and mining stocks remained slightly higher, while travel and leisure stocks slipped 1.62%.
HBSC’s London-listed shares added 3.3% after the bank issued a third-quarter earnings report that beat analyst estimates and announced that it will repurchase up to $3 billion in shares.
Shares of Novartis lost 4.7%, despite the company raising its full-year guidance after reporting an uptick in third-quarter sales.
CEO Vas Narasimhan told CNBC Tuesday he was confident the company can retain “consistent growth” by focusing on its range of around 15 blockbuster drugs, even as it steers clear of the GLP-1 weight loss drug market.
Tuesday saw a deluge of other earnings, including from Adidas, Lufthansa, Santander and BP. On the data front, Germany’s GfK consumer confidence survey pointed to an uptick in sentiment going into November.
Investors are meanwhile gearing up for a range of possible tax rises in the U.K. Labour government’s Wednesday budget.
Asia-Pacific markets traded mixed on Tuesday, while Wall Street indexes were little-changed ahead of a slate of mega-cap technology earnings this week, including Meta Platforms and Microsoft on Wednesday and Apple on
