🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

UBS Group shines amidst mixed European market performance

EditorAmbhini Aishwarya
Published 07/11/2023, 13:06
© Reuters.
AMA
-
AMA
-
STOXX
-
UBSG
-
WOSG
-
DTGGe
-
DTGGe
-
DTGGe
-

European shares experienced a mixed performance on Tuesday, as energy stocks struggled while financial services, particularly UBS Group, saw an uptick following positive Q3 results. The pan-European STOXX 600 index fell by 0.3%, marking a second consecutive day of losses after a five-day gain streak was halted. This comes on the heels of a rise of over 3% the previous week, spurred by strong earnings and indications of an end to rate hikes from central banks.

Energy stocks led the decline with a 1.5% drop, mirroring a near-2% decrease in crude oil prices. Despite this downturn, UBS Group saw its shares rise by 3.3% after posting better-than-expected Q3 net profit, indicating a stable core wealth business.

Other notable movers included Watches of Switzerland and AB Foods (LON:ABF), the owner of Primark, which saw their shares rise by 8.3% and 5.6%, respectively. However, Daimler (OTC:MBGAF) Truck AG's shares fell by 3.8% after it missed Q3 expectations.

Amadeus, the Spanish travel booking group, saw its shares jump 4.4% on higher-than-expected Q3 adjusted net profit and announced a second share buy-back program for the year. Conversely, RS Group experienced a 6.1% dip following a significant fall in its half-year adjusted pretax profit.

The market's performance comes amid global economic uncertainties and investor caution ahead of key central bank speeches such as that from U.S Federal Reserve Chair Jerome Powell and ECB's vice president Luis de Guindos. Both had previously signaled an end to rate hikes, adding to investor anticipation about potential future monetary policy changes.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.