STOXX inches up, Q3 reporting steams ahead
STOXX 600 up 0.3%
HSBC beats expectations
Earnings in full swing
Wall St futures up slightly
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STOXX INCHES UP, Q3 REPORTING STEAMS AHEAD
It was all about Q3 earnings releases in early trading on Tuesday with broader indices inching up just slightly, while companies that reported results showed bigger swings beneath the flattish surface.
HSBC HSBA.L, Europe's largest bank by market cap, was doing the heavy lifting in London, up 4% to its highest since July 2018 after beating profit growth expectations and launching a $3 billion share buy back.
Also up after well-received numbers was sportswear group Adidas ADSGn.DE, while drugmaker Novartis NOVN.S tumbled over 3% in Zurich as its guidance raise failed to impress traders following a 14% surge so far in 2024.
It was not all shiny in banks. Santander SAN.MC fell over 2%, even as the Spanish lender beat profit estimates.
China proxies such as miners .SXPP and luxury group LVMH LVMH.PA were in demand. Reuters reported that China is considering approving next week the issuance of over $1.4 trillion in extra debt to help revive its fragile economy.
The region-wide STOXX 600 .STOXX index was last up 0.3%. Here is your opening snapshot.
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