MILAN/FRANKFURT: European shares dipped on Tuesday as a recent rally powered by hopes of a swifter global economic recovery and vaccine roll-outs showed signs of cooling, while shares in French oil major Total rose after its earnings recovered in the fourth quarter.
Total SE rose 1.9% after the company said its earnings recovered in the fourth quarter as oil prices stabilised, although a hit from writedowns on assets due to the COVID-19 pandemic plunged it to a $7.2 billion net loss for 2020 as a whole.
The STOXX 600 index fell 0.1%, after gaining nearly 4% so far this month against the backdrop of steady vaccine roll-outs globally and expectations that a massive stimulus package will soon be passed by US lawmakers.
Germany’s DAX index was down 0.2% even as data showed German exports rose in December as robust trade with China and the United States helped.
HeidelbergCement gained 0.4% after the world’s No.2 cement maker identified five assets to sell in a review of its business and had a good start to 2021, its chief executive officer told Reuters.
Nestle rose 0.5% after the company said its Gerber baby cereal products made and sold in China are safe and it had reported to authorities an association that advised its members, in a post on social media, to stop selling the products.
French reinsurer Scor rose 2.8% on reporting a rise in its renewals of contracts and premiums, and added it was sticking to its earlier financial targets for growth and profits.
TUI Group shed 0.6% after the world’s biggest holiday company sunk to a 699 million euros ($844 million) loss in its first quarter.
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