Europe shares fall as HSBC weighs, France protests keep investors wary
- The pan-European STOXX 600 index was down 0.2% at 639.64 points
European shares saw a slight dip due to HSBC's disappointing earnings and ongoing tensions in France, despite some positive news from Novartis, reflecting overall investor caution.
- HSBC's revenue miss and its impact on the banking sector.
- The spreading French protests and their effect on investor confidence.
- Novartis's raised guidance boosting its share performance.
European shares fell on Tuesday after disappointing earnings from HSBC weighed on banking shares, while ongoing tensions in France added to investor caution.
HSBC fell 6.9%, after Europe’s largest bank’s revenue came in below estimates, in part due to slower growth at its wealth business.
The losses dragged the bank index that dropped 1.3%.
The pan-European STOXX 600 index was down 0.2% at 639.64 points by 0805 GMT, after climbing nearly 0.8% on Monday.
Investor sentiment remained fragile as French student leaders vowed to go on protesting despite government concessions on education, raising concerns as the movement spreads to unions and other activists, stokes unrest and deepens the economic damage.
French equities fell more than 2% last week as protests shook investor confidence in the euro zone’s second-largest economy.
Novartis raised its full-year core operating income guidance, sending the shares of the Swiss drugmaker up 3.1%.
Comments