European stocks were subdued on Tuesday as the prospect of a longer global interest rate hike cycle continued to undermine sentiment, while oil major BP led energy stocks higher.
The pan-European STOXX 600 was flat at 08:15 GMT, after posting its biggest single-day drop in three weeks on Monday on rate hike jitters.
The energy index gained 1.5% and was the best performer among sector indices, with BP gaining 3.4% after posting a record profit of $27.6 billion in 2022 and increasing its dividend by 10%.
Meanwhile, Airbus SE fell 1.6% and dragged industrial stocks down after Berenberg downgraded shares of the aerospace and defense company to “sell” them.
Nordic Semiconductor ASA slipped 17.5% and was the STOXX 600’s first decline after missing fourth-quarter earnings estimates, followed by a 15% drop in ams OSRAM after the sensor maker announced weak outlook for the first quarter and suspended its 2022 cash dividend.
Siemens Energy fell 1% after its first-quarter net loss more than doubled, while the euro zone’s biggest lender, BNP Paribas, also fell 1% after posting lower fourth-quarter net profit expectations to.
Demant gained 9.1% after the hearing aid maker’s second-half 2022 operating profit beat expectations and the company said it expects organic growth of 3% to 7% in 2023. (Reporting by Ankika Biswas in Bengaluru; Editing by Saumyadeb Chakrabarty)
