European Stocks Close Mixed as UK Lawmakers Reject PM’s Snap Poll Plan
By Investors Hub
European stocks are turning in a lackluster performance on Tuesday, as earnings proved to be a mixed bag and the British parliament rejected a plan by Prime Minister Boris Johnson to organize a snap election, adding an additional layer of uncertainty surrounding the economic outlook.
While the French CAC 40 Index has inched up by 0.1 percent, the German DAX Index is just below the unchanged line and the U.K.?s FTSE 100 Index is down by 0.6 percent.
The British pound has edged lower against the dollar as Johnson makes another attempt today to get lawmakers to approve an early national election. The legislation requires a simple majority to pass.
Finnish paper firm Stora Enso has plunged. After reporting a sharp drop in quarterly profits, the company said that geopolitical uncertainties would dampen demand in the fourth quarter.
BP Plc has also moved to the downside as it swung to a loss in third-quarter earnings, hurt by lower oil prices and production.
Oilfield services provider Hunting has also tumbled after warning that its annual core profit would be at the lower end of market expectations.
Shares of Orange Group shares have also come under pressure after the company reported flat third-quarter revenues and EBITDA earnings.
On the other hand, healthcare group Fresenius has soared after its third quarter revenues beat expectations on strong sales in emerging markets.
In economic news, the French consumer confidence index showed a reading of 104 in October, unchanged from September.
Preliminary data from the Nationwide Building Society showed U.K. house prices rose at a slightly faster rate in October, while economists had expected the pace of growth to remain unchanged,
House prices rose 0.4 percent year-on-year after a 0.2 percent increase in September. Economists had expected the inflation rate to remain steady.