Europe Markets Archives | Email alerts

Oct. 27, 2020, 8:00 a.m. EDT

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

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    LVMH Moet Hennessy Louis Vuitton SE (MC)
  • X
    Allianz SE (ALV)

or Cancel Already have a watchlist? Log In

By Steve Goldstein

European stocks struggled on 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 /zigman2/quotes/210599654/delayed XX:SXXP +0.77% dropped 0.7%, with decliners from apparel makers including LVMH Moët Hennessy /zigman2/quotes/201350549/delayed FR:MC +0.49% and from insurers including Allianz /zigman2/quotes/210095234/delayed XE:ALV +1.49% .

The French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +1.20% lost 1.5% as the German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.04% and U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +1.42% also lost ground.

Futures on the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.11% rose 8 points after a rough 650-point downturn on Monday for the blue chips /zigman2/quotes/210598065/realtime DJIA +1.11% .

German Chancellor Angela Merkel told her Christian Democratic Union party colleagues the coronavirus situation is threatening, according to published reports, as Italians protested on Monday night after strict measures were introduced there, including the 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 with the 34% downturn expected at the end of June.

HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA +2.90% rallied 7%, as the U.K.-based, China-focused bank topped analyst estimates with a third-quarter profit of $2 billion. HSBC said it would decide next year on making a “conservative” dividend payment. Banco Santander /zigman2/quotes/205677933/delayed ES:SAN +3.44% gained 3% as the Spanish bank also topped estimates.

BP /zigman2/quotes/202286639/delayed UK:BP +6.88% rose 2% as the oil giant’s adjusted profit topped estimates, though revenue was shy of expectations.

Capgemini /zigman2/quotes/206891951/delayed FR:CAP +2.29% climbed 4% as the IT consultant, pressured on Monday after SAP’s profit warning, reported stronger-than-forecast third-quarter revenue /zigman2/quotes/202053813/delayed XE:SAP +0.49% .

/zigman2/quotes/210599654/delayed
XX : STOXX
391.82
+2.98 +0.77%
Volume: 0.00
Nov. 24, 2020 3:42p
loading...
/zigman2/quotes/201350549/delayed
FR : France: Euronext Paris
494.90
+2.40 +0.49%
Volume: 232,841
Nov. 24, 2020 3:42p
P/E Ratio
56.34
Dividend Yield
0.93%
Market Cap
€247.90 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210095234/delayed
XE : Germany: Xetra
199.52
+2.92 +1.49%
Volume: 785,474
Nov. 24, 2020 3:42p
P/E Ratio
12.45
Dividend Yield
4.81%
Market Cap
€79.98 billion
Rev. per Employee
€742,619
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,558.31
+66.16 +1.20%
Volume: 60,573
Nov. 24, 2020 3:42p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,263.76
+136.79 +1.04%
Volume: 41,510
Nov. 24, 2020 3:42p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,423.74
+89.90 +1.42%
Volume: 630,105
Nov. 24, 2020 2:42p
loading...
/zigman2/quotes/210598065/realtime
add Add to watchlist DJIA FUTURES
US : Dow Jones Global
29,918.56
+327.29 +1.11%
Volume: 71.98M
Nov. 24, 2020 9:57a
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,918.56
+327.29 +1.11%
Volume: 71.98M
Nov. 24, 2020 9:57a
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
395.15 p
+11.15 +2.90%
Volume: 13.25M
Nov. 24, 2020 2:42p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£78.21 billion
Rev. per Employee
£314,521
loading...
/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
2.44
+0.08 +3.44%
Volume: 36.61M
Nov. 24, 2020 3:42p
P/E Ratio
N/A
Dividend Yield
3.19%
Market Cap
€40.81 billion
Rev. per Employee
€405,338
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
270.90 p
+17.45 +6.88%
Volume: 46.15M
Nov. 24, 2020 2:42p
P/E Ratio
N/A
Dividend Yield
5.80%
Market Cap
£50.96 billion
Rev. per Employee
£3.11M
loading...
/zigman2/quotes/206891951/delayed
FR : France: Euronext Paris
118.50
+2.65 +2.29%
Volume: 158,811
Nov. 24, 2020 3:42p
P/E Ratio
26.13
Dividend Yield
1.14%
Market Cap
€19.59 billion
Rev. per Employee
€64,405
loading...
/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
98.76
+0.48 +0.49%
Volume: 1.76M
Nov. 24, 2020 3:42p
P/E Ratio
24.04
Dividend Yield
1.60%
Market Cap
€115.93 billion
Rev. per Employee
€256,047
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.