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European stocks mixed in cautious trade; Commodity stocks outperform

By on July 26, 2022 0

(RTTNews) – European stocks traded mixed on Tuesday as commodity-related stocks gained ground, offsetting worries about a looming recession.

The growing energy crisis remained on investors’ radar after Russia’s state-owned energy company Gazprom said it would further reduce gas flows through Nord Stream 1, Russia’s largest gas pipeline to Europe.

The pan-European Stoxx 600 index rose 0.2% to 426.88 after closing 0.1% higher on Monday.

Germany’s DAX slipped 0.3% and France’s CAC 40 fell slightly while Britain’s FTSE 100 rose 0.6%.

Swiss bank UBS plunged 5.4% after reporting weaker-than-expected second-quarter profit.

Chocolate maker Lindt & Spruengli jumped 4.3% after raising its sales forecast and unveiling a 1 billion Swiss franc ($1.04 billion) share buyback program.

Anglo American, Antofagasta and Glencore miners all rose around 2%, following higher base metal and iron ore prices.

Oil and gas companies BP Plc and Shell also rose around 2% each as oil extended its gains overnight amid signs of tighter supply.

Consumer goods company Unilever gained 2.4% after raising its full-year sales forecast.

EasyJet jumped 3.7%. The low-cost carrier said it expects capacity and cost impacts from the disruption to be “unique this summer”, with “greater resilience” expected for peak periods in 2023.

Rolls-Royce advanced 1.6%. The aerospace and defense company has named a private equity partner and former BP executive to succeed Warren East as the company’s chief executive.

Eutelsat fell 3% in Paris after its revenue for the 2022 financial year fell 6.7% to 1.15 billion euros from 1.23 billion euros last year.

Construction equipment maker Wacker Neuson fell 1.1%. The company said it expects group revenue for the second quarter of 2022 to be around 548.1 million euros, compared to 494.3 million euros the previous year.

Stratec fell 13%. The company, which develops and produces analysis systems and automation systems in the field of in vitro diagnostics, forecasts consolidated sales of 137.2 million euros for the first half of 2022 compared to 155.8 million euros last year.

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