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europe-markets:-european-stocks-sluggish-as-investors-balance-earnings-beats-with-covid-19-wave
europe-markets:-european-stocks-sluggish-as-investors-balance-earnings-beats-with-covid-19-wave

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Europe Markets: European stocks sluggish as investors balance earnings beats with COVID-19 wave

Europe Markets

Italian police officers stand in front of a shattered Gucci store window during a protest of far-right activists against the government restriction measures to curb the spread of COVID-19, in downtown Turin, on October 26, 2020, as the country faces a second wave of infections to the Covid-19.


marco bertorello/Agence France-Presse/Getty Images

European stocks were sluggish Tuesday, as investors balanced generally stronger-than-expected third-quarter earnings results with worries about how rising coronavirus cases are leading to tougher restrictions on activity.

After a 1.8% tumble on Monday, the Stoxx Europe 600
SXXP,
-0.75%

eased 0.3%.

The French CAC 40
PX1,
-1.49%

lost 0.7%, while the German DAX
DAX,
-0.71%

and U.K. FTSE 100
UKX,
-0.38%

saw minor changes.

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Futures on the Dow Jones Industrial Average
YM00,
+0.04%

rose 30 points after a rough 650-point downturn on Monday for the blue chips
DJIA,
-2.29%
.

German Chancellor Angela Merkel told her Christian Democratic Union party colleagues the coronavirus situation is threatening, according to published reports, as Italians protested Monday night after strict measures introduced there, including 6 p.m. closures of bars and restaurants. In the Paris region, COVID-19 patients represent 67% of intensive care capacity.

“For the second time, Europe has turned into an epicenter of the Covid-19 pandemic. The partial curfews and other restrictions to contain the spread of the virus are casting a dark shadow over the near-term outlook,” said Holger Schmieding, chief economist at Berenberg Bank.

Third-quarter results have handily beaten analyst estimates on both sides of the Atlantic. Companies in the Stoxx 600 are expected to report a 28% drop in third-quarter earnings per share, compared to the 34% downturn expected at the end of June.

HSBC Holdings
HSBA,
+5.90%

rallied 5% as the U.K.-headquartered, China-focused bank topped analyst estimates with a third-quarter profit of $2 billion as it said it will decide next year on making a “conservative” dividend payment. Banco Santander
SAN,
+2.91%

gained 3% as the Spanish bank also topped estimates.

BP
BP,
+1.42%

rose 1% as the oil giant’s adjusted profit topped estimates, though revenue was shy of expectations.

Capgemini
CAP,
+4.80%

climbed 6% as the IT consultant, pressured Monday after SAP’s profit warning, reported stronger-than-forecast third-quarter revenue.

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