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European stocks struggle as miners lead declines

European stocks slipped on Tuesday after sharp declines in the previous session, as weakness in miners and automakers offset upbeat results from UK blue-chip companies HSBC and BP. The pan-European STOXX 600 index slipped 0.1% by 0820 GMT after closing at a one-month low on Monday, while the German DAX was down 0.2% after hitting a four-month low.

Reuters | Updated: 27-10-2020 14:07 IST | Created: 27-10-2020 14:07 IST
European stocks struggle as miners lead declines

European stocks slipped on Tuesday after sharp declines in the previous session, as weakness in miners and automakers offset upbeat results from UK blue-chip companies HSBC and BP.

The pan-European STOXX 600 index slipped 0.1% by 0820 GMT after closing at a one-month low on Monday, while the German DAX was down 0.2% after hitting a four-month low. UK's FTSE 100 was boosted by a 5.6% jump in Europe's biggest bank HSBC after the lender signalled a pandemic-induced overhaul of its business model, accelerating plans to shrink in size and slash costs.

BP rose 1.6% as it swung back to a small profit in the third quarter. Among euro zone companies, French consulting and IT services provider Capgemini jumped 5.7% after it confirmed its full-year targets.

But miners and automakers fell more than 1%, dragging markets lower. Data showed profits at China's industrial firms rose at a slower pace in September, hurt by factory-gate deflation and rising raw materials costs.


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