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European stocks declined on Tuesday with attention still trained on the isolation of Russia from global financial markets after its invasion of Ukraine.
The Stoxx Europe 600
SXXP,
which ended just 0.1% lower on Monday despite heavier losses early in the day, declined 0.4%.
The German DAX
DAX,
dropped 0.9% and the French CAC 40
PX1,
fell 0.8%, while the U.K. FTSE 100
UKX,
rose 0.1%, as metals producers advanced.
Heavy fighting continued in Ukraine, with the country’s second-largest city Kharkiv bombarded. The Central Bank of Russia kept the local stock market closed for a second day after the U.S. barred transactions with it. The central bank on Monday lifted interest rates to 20% from 9.5%.
Rheinmetall
RHM,
rose for a second day, gaining 5%, after Germany said it would spend €100 billion to boost its armed forces.
Traders also eyed the latest set of corporate results. HelloFresh
HFG,
the mealkit preparation company, dropped 8% after missing forecasts on adjusted earnings before interest, tax, depreciation and amortization.
Covestro
1COV,
jumped 4% as the chemicals company said it would make the highest payout in company history and authorized a €500 million stock buyback.
Flutter Entertainment
FLTR,
dropped 9% after booking a £543 million charge and saying revenue growth slowed to 2% in the first seven weeks of 2022. It still expects its FanDuel unit to be profitable in the U.S. in 2023.
