European shares experienced a mixed performance on Tuesday, as energy stocks struggled while financial services, particularly UBS Group, saw an uptick following positive Q3 results. The pan-European index fell by 0.3%, marking a second consecutive day of losses after a five-day gain streak was halted. This comes on the heels of a rise of over 3% the previous week, spurred by strong earnings and indications of an end to rate hikes from central banks.
Energy stocks led the decline with a 1.5% drop, mirroring a near-2% decrease in prices. Despite this downturn, UBS Group saw its shares rise by 3.3% after posting better-than-expected Q3 net profit, indicating a stable core wealth business.
Other notable movers included Watches of Switzerland and AB Foods (LON:), the owner of Primark, which saw their shares rise by 8.3% and 5.6%, respectively. However, Daimler (OTC:) Truck AG’s shares fell by 3.8% after it missed Q3 expectations.
Amadeus, the Spanish travel booking group, saw its shares jump 4.4% on higher-than-expected Q3 adjusted net profit and announced a second share buy-back program for the year. Conversely, RS Group experienced a 6.1% dip following a significant fall in its half-year adjusted pretax profit.
The market’s performance comes amid global economic uncertainties and investor caution ahead of key central bank speeches such as that from U.S Federal Reserve Chair Jerome Powell and ECB’s vice president Luis de Guindos. Both had previously signaled an end to rate hikes, adding to investor anticipation about potential future monetary policy changes.
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