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Jan. 14, 2020, 5:34 a.m. EST

European stocks inch up as key U.S. results loom

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By Steve Goldstein, MarketWatch


Getty Images
JPMorgan and Citi, seen here in London’s Canary Wharf, both report results on Tuesday.

European stocks on Tuesday inched higher on the eve of earnings season.

After losses for two straight sessions, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.97%  edged up 0.12% to 418.89, not far from the record close of 419.74 reached on Dec. 27.

Earnings season kicks off on Tuesday with results from banks Citigroup, JPMorgan Chase and Wells Fargo.

According to UBS, the Stoxx 600 is trading on 16.3 times estimated 2019 earnings, versus 20.2 times for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.51%  but just 14.7 times for the MSCI emerging-markets index.

Of stocks in the spotlight, bookmakers William Hill /zigman2/quotes/201135907/delayed UK:WMH +7.27%  and Flutter Entertainment /zigman2/quotes/208882914/delayed UK:FLTR +2.34%  declined as the U.K. Gambling Commission announced a ban on credit-card use. See: U.K. gambling operators pressured by credit-card ban

Specialty chemicals maker Evonik Industries /zigman2/quotes/201875163/delayed DE:EVK +0.10%  slumped over 4% after a public sector foundation, RAG, sold a 5.4% stake. RAG still holds 59% of Evonik.

Neste /zigman2/quotes/202009726/delayed FI:NESTE -2.64%  rose in Helsinki trade as UBS upgraded the refiner to buy from neutral, saying biofuel mandates will lift renewable diesel prices in Europe, and it will also get a lift from the extension of the blender’s tax credit in the U.S.

/zigman2/quotes/210599654/delayed
XX : STOXX
309.06
-3.02 -0.97%
Volume: 0.00
April 3, 2020 5:50p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
2,488.65
-38.25 -1.51%
Volume: 3.59B
April 3, 2020 5:10p
loading...
/zigman2/quotes/201135907/delayed
UK : U.K.: London
68.80 p
+4.66 +7.27%
Volume: 6.29M
April 3, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
3.87%
Market Cap
£601.12 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/208882914/delayed
UK : U.K.: London
6,994.00 p
+160.00 +2.34%
Volume: 381,164
April 3, 2020 4:35p
P/E Ratio
38.38
Dividend Yield
0.96%
Market Cap
£5.48 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201875163/delayed
DE : Germany: Frankfurt
19.48
+0.02 +0.10%
Volume: 2,184
April 3, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€415,016
loading...
/zigman2/quotes/202009726/delayed
FI : Finland: Helsinki
28.00
-0.76 -2.64%
Volume: 1.73M
April 3, 2020 6:29p
P/E Ratio
12.05
Dividend Yield
3.29%
Market Cap
€21.50 billion
Rev. per Employee
€2.76M
loading...

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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