© Reuters. An electronic screen displays data for the German DAX index at the Frankfurt Stock Exchange on Monday. Photography: Reuters.
European stocks stabilized in early trading on Tuesday, as gains in the financial services sector erased the impact of a decline in energy stocks, while Watches of Switzerland shares jumped to the highest level in more than a month after strong results.
By 0815 GMT, the European index saw little change after ending a five-day winning streak on Monday.
The index rose by more than three percent last week amid strong business results and indicators from major central banks of the end of raising interest rates.
Shares of energy companies led sector losses and fell 1.2 percent, tracking prices that fell by more than 1 percent.
Watches of Switzerland shares jumped 12.2 percent to the top of the STOXX 600 index, supported by expectations that its annual profits will more than double by 2028.
The UBS Group incurred a loss of $785 million in the third quarter, but indicated stability in its core wealth management business. Its stock rose 4.3 percent, which supported the rise of the financial services sector index by 1 percent.
(Prepared by Marwa Gharib for the Arabic Bulletin – Edited by Muhammad Muhammadin)
2023-11-07 09:13:00
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