European stock markets traded largely flat on Tuesday, as investors focused on earnings from blue-chip companies like HSBC and BP. This was ahead of the start of the Federal Reserve’s two-day meeting.
The DAX in Germany and the CAC 40 in France traded unchanged at 3:50 AM ET (0850 GMT). At the same time, the U.K.’s FTSE 100 added 0.1%.
BP stock gained 2%, tugging the oil & gas sector higher. This came after the U.K. oil major’s profit soared in Q1 to $2.6 billion.
HSBC stock edged up 0.7% after Europe’s largest bank by assets reported a 79% rise in Q1 profit. This improved economic outlook allowed it to release cash set aside against bad loans due to the pandemic.
On the other hand, UBS stock fell 2.6%. The world’s largest wealth manager’s results were hurt by a $774 million hit from the default of U.S. investment firm Archegos.
Schneider Electric stock rose 1.7% after the French energy group raised its full-year guidance following its report of a 12% rise in Q1 revenue.
In contrast, Whitbread stock slumped 3%, with the U.K.-based hospitality firm reporting an annual loss of about $1.4 billion. This was after coronavirus curbs ruffled all major travel in Britain for most of 2020.
AU Stocks: S&P/ASX 200 Down 0.17%
Australia stocks were lower after the close on Tuesday, with losses in the IT sector and Industrials and Healthcare sectors leading shares lower.
The S&P/ASX 200 fell 0.17% at the close in Sydney.
The session’s best performers on the S&P/ASX 200 were Bingo Industries Ltd, advancing 6.25% or 0.200 points to trade at 3.400 at the close.
Moreover, United Malt Group Ltd gained 4.58% or 0.19 points to end at 4.34. Tabcorp Holdings Ltd climbed 4.17% or 0.200 points to 5.000 in late trade.
The worst performers on the session were Nickel Mines Ltd, falling 12.06% or 0.155 points to trade at 1.130 at the close. Mesoblast Ltd was down 7.84% or 0.160 points to end at 1.880. Moreover, Zip Co Ltd dropped 6.31% or 0.54 points to 8.02.
On the Sydney Stock Exchange, the number of falling stocks outnumbered advancing ones by 720 to 612, and 396 ended flat.
Bingo Industries Ltd shares rose to all-time highs, rising 6.25% or 0.200 to 3.400. Mesoblast Ltd shares fell to 52-week lows, falling 7.84% or 0.160 to 1.880. Tabcorp Holdings Ltd shares rose to 3-years highs, up 4.17% or 0.200 to 5.000.
The S&P/ASX 200 VIX was down 6.03% to 11.510.