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(FILES) In this file photo taken on May 08, 2019 a pedestrian walks past the logo of Swiss banking giant UBS engraved on the wall of its headquarters in Zurich.
fabrice coffrini/Agence France-Presse/Getty Images
European stocks slipped Tuesday on worries over the political environment on both sides of the Atlantic, as a wave of the Continent’s largest companies including UBS and Reckitt Benckiser reported how the pandemic has helped rather than hindered business.
The Stoxx Europe 600 SXXP, -0.05% slipped 0.4%, and the major regional indexes, the German DAX, French CAC 40 and U.K. FTSE 100, also took a step backward.
U.S. stocks SPX, -1.63% dropped Monday as on-again, off-again hopes over fiscal stimulus seemed to be off again. The European Union meanwhile indicated it was willing to intensify talks with the U.K. on a new trade pact, but made no other signal it was softening its position, according to a report in The Times newspaper.
The news on the pandemic front continued to be alarming, with Ireland moving to its highest level of restrictions while Wales is set to start a national lockdown.
The losses came even with a number of well-received earnings reports.
Logitech International LOGN, +16.86% LOGI, +0.25% shares jumped 16% as the Swiss-American computer peripheral maker enjoyed a 75% jump in fiscal second-quarter sales, as its profit surged during the quarter.
Shares of biopharmaceutical lab equipment maker Sartorius SRT, +3.50% climbed 6% after saying it now revenue at the upper end, or slightly above, its previously forecasted 22% to 26% range for the year. The company said it’s benefited from preparations of biopharmaceutical customers to build up production capacities for coronavirus vaccines and Covid-19 therapeutics.
UBS UBSG, +2.83% UBS, +1.11% shares rose 2% as the Swiss banking giant set aside $1.5 billion for stock buybacks, and another $1 billion for dividends, which it expects to receive permission to restart next year. UBS said its third-quarter profit nearly doubled, thanks to a 42% surge in global markets revenue.
Reckitt Benckiser RB, +1.99% shares rose 1% as the consumer-products company hiked its sales guidance, now seeing low double-digit percentage growth for the year, thanks to demand for disinfection brands like Lysol.
BMW BMW, -0.47% shares slipped 1%. Late Monday, BMW said it would report better-than-forecast automotive cash flow in the third quarter.
Shares of remote software provider TeamViewer TMV, -6.63% slumped 7% after Permira sold an 11% stake at an 8% discount to Monday’s close. The stock has surged 34% this year.
