European Shares Retreat As Banks And Miners Drag

European stocks edged lower on Tuesday as investors fretted about the outlook for economic growth and awaited earnings from U.S. heavyweights Microsoft Corp and Google-owner Alphabet later in the day.

Meanwhile, banking jitters returned to the fore after U.S. lender First Republic Bank said its deposits tumbled more than $100 billion last quarter and that it was exploring options such as restructuring its balance sheet.

The pan European STOXX 600 was down half a percent at 466.62 after finishing marginally lower on Monday.

The German DAX slipped 0.2 percent, France’s CAC 40 shed 0.7 percent and the U.K.’s FTSE 100 was down 0.3 percent.

UBS Group AG shares fell 2.7 percent in Switzerland. The banking major reported sharply lower profit in its first quarter due to increased U.S. litigation provision and weak revenues.

Standard Chartered declined 1.7 percent after its CEO Bill Winters warned that the banking sector may face fresh issues.

Banco Santander lost 4 percent after reporting a drop in earnings from Brazil and outflows of deposits in Spain.

Miners Anglo American, Antofagasta and Glencore all fell over 2 percent on mounting worries about the global economic outlook.

Primark owner Associated British Foods slumped 5.5 percent as it reported a 3 percent fall in first-half profit.

Online grocer Ocado gained 0.6 percent in choppy trade after announcing it plans to stop operations at its Hatfield customer fulfilment centre this summer, in a move impacting around 2,300 workers.

Premier Inn owner Whitbread jumped 5.5 percent after its annual profit rose above pre-pandemic levels.

Swiss food group Nestle gained 1.5 percent after reporting better-than-expected first-quarter sales.

Drug maker Novartis rose 2.4 percent after raising its full-year earnings outlook.

Engineering firm ABB rallied 3 percent after raising its full-year guidance for sales and profit.

Forklift manufacturer Jungheinrich AG jumped 11 percent after reporting a rise in Q1 preliminary EBIT and lifting its FY outlook.

Daimler Truck Holding advanced 2.6 percent after reporting Q1 preliminary results above expectations.

Alstom rose about 1 percent in Paris after it won a contract valued at around 900 million euros ($994.9 million) to supply trams to Quebec City, Canada.

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