Europe close: Stocks end on mixed note, but off session lows
European stocks finished on a mixed note on Tuesday, but off their worst levels, as investors cheered the ongoing relaxation of Covid-19 restrictions and positive earnings updates from across the Pond.
"European markets have posted marginal gains, as tech stocks outperform their value counterparts in the face of fading treasury yields.
"For the most part we have seen a positive approach to risk today, with a weakening dollar, stronger commodities, and rising equity markets."
Towards mid-session, US retail giants Wal Mart and Home Depot both surprised with their latest quarterly earnings.
The pan-European STOXX 600 index edged up 0.17% to 443.04, while the UK's FTSE 100 was up 0.02% to 7,034.24.
Germany’s DAX dipped 0.07% to 15,386.58, while Spain's Ibex 35 added 0.31% to 9,183.90.
Britain’s unemployment rate ticked lower unexpectedly during the first quarter despite the national lockdown, according to figures released by the Office for National Statistics on Tuesday.
The unemployment rate nudged down to 4.8% in the three months to March from 4.9% in February and versus expectations for it to be unchanged.
In the euro area meanwhile, Eurostat reported that employment dipped by 0.3% quarter-on-quarter during the first three months of the year.
Also according to Eurostat, in seasonally adjusted terms, the bloc's surplus on its foreign trade in goods fell from €23.1bn for February to €13.0bn in March.
On the corporate front, shares in embattled German leasing business Grenke gained 2% to top the Stoxx index after the company late on Monday announced auditing firm KPMG has issued an unqualified audit opinion for its annual and consolidated financial statements as of December 31, 2020.
In February, the company was told to correct its 2019 results after a special audit ordered by regulators uncovered a string of failings.
Micro Focus shares surged after the software company said its first-half performance was set to be ahead of market views.
Sonova Holding rose almost 12% after the world’s biggest maker of hearing aids predicted strong growth this year due to a market recovery and new products.
Soft drinks maker Britvic was up as the firm reinstated its dividend, despite reporting a decline in first-half profit and revenue, as it hailed an encouraging start to the second half.
Iliad, the parent company of telecoms operator Free, fell over 10% after announcing the suspension of its 2021 operating cash flow target in France to reflect the planned acceleration of its 5G investment plan.
Vodafone shares fell 9% after the UK mobile operator reported a 1.2% drop in full-year adjusted core earnings as Covid-19 hit roaming revenue and handset sales.