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European markets muted with earnings


As investors analysed a fresh round of company reports and anticipated the Federal Reserve’s policy decision on Wednesday, European markets remained cautious on Tuesday. By mid-morning, the pan-European Stoxx 600 was trading near its flat line, with oil and gas companies rising 1.5 percent while retail stocks down 2.3 percent.

This week, the price movement of individual shares will largely be determined by corporate earnings. On Tuesday, those reporting before the bell included Dassault Systemes, Randstad, EasyJet, UniCredit, Unilever, and UBS.

Due to declining client activity in its wealth management and investment banking divisions as a result of the worldwide market slump, UBS fell short of forecasts for the second quarter of 2022.

The Swiss bank reported a net profit of $2.108 billion that was attributable to shareholders, which was less than the $2.403 billion total of analyst predictions gathered by the business. Early trading saw a 6.1 percent decline in UBS shares.

German energy firm Uniper dropped 11% to the bottom of the Stoxx 600 index as the shares plunged even more following the German government’s approval of a bailout. Bridgepoint Group, a British alternative asset fund manager, rose 11% to the top of the index following impressive interim results.

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