PARIS/LONDON (dpa-AFX) – On Tuesday, Europe’s stock exchanges continued the recovery at the beginning of the week. The EuroStoxx 50 (EURO STOXX 50) gained 0.81 percent to 4061.12 points. With the second day of gains this week, the EuroStoxx was able to limit its October loss to 2.7 percent.
At the country level, however, developments on Tuesday were mixed: the French CAC 40 followed the recovery and gained 0.89 percent to 6885.65 points. However, the British FTSE 100 was slowed down by price losses in the oil sector, among other things, and fell by 0.08 percent to 7,321.72 points.
It remains to be seen whether the stabilization approach at the end of the month will lead to a stronger recovery. According to market expert Andreas Lipkow, market participants are largely still on the sidelines ahead of the Fed meeting and Apple’s quarterly figures. The results of the US Federal Reserve’s decision on Wednesday could provide important information for the further course of monetary policy.
The biggest of just two loser sectors was oil stocks. The British oil company BP suffered a decline in profits in the third quarter. Figures that were below expectations were surprising given positive statements from competitors, said an analyst. The shares of the industry heavyweight lost 4.6 percent in London.
The reaction to BBVA’s figures was also negative, but here this had less of an impact on the industry picture among the banks whose sub-index was in the middle. RBC analysts spoke of mixed results from the Spanish bank. The share fell by 1.1 percent.
Technology stocks were particularly in demand, with the sector index recovering by 1.5 percent from its weak start to the week. However, this was just exceeded by chemicals with an increase of 1.7 percent. This was supported by a recovery in BASF shares (BASF) after, as expected, dismal quarterly figures.
Leading the sector table were interest-sensitive real estate stocks, which rose by 2.7 percent the day before the Fed decision. “For tomorrow’s decision, players on the money markets are expecting interest rates to remain unchanged,” said Helaba’s economists. But the Fed must remain vigilant.
Strength also shows the nutritional and enjoyment values. Despite continued weakness in the US market, brewery AB Inbev (Anheuser-Busch InBev) remained on a growth path in the third quarter. This was well received, the share rose by 5.5 percent as the EuroStoxx leader.
Roche’s shares were particularly affected in the subdued pharmaceutical sector due to a setback in drug development. In a pivotal study, the gene therapy Elevidys did not show the desired effectiveness in patients suffering from the hereditary muscle disease Duchenne muscular dystrophy (DMD). The share fell by 3.1 percent./tih/he