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ubs: UBS, retailers weigh on European stocks amid recession worries

by WOOWinvest
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ubs: UBS, retailers weigh on European stocks amid recession worries

European stocks fell on Tuesday as a slide in retailers and Swiss bank UBS offset a rally in oil stocks and Unilever, which rose after an upbeat sales forecast.

The pan-European STOXX 600 index fell 0.1% by 0722 GMT with broader sentiment remaining fragile on recession worries.

Russia is set to cut more gas supplies to Europe, while investors also brace for a possible interest rate hike by the US Federal Reserve on Wednesday.

Retail stocks were the biggest decliners, down 2.3%, hit by a profit warning from top US retailer Walmart Inc , which cited surging prices for food and fuel affecting discretionary demand.

Europe’s luxury stocks fell, with French liquor maker Remy Cointreau losing 0.3% despite an earnings beat.

London’s commodity-heavy FTSE 100 outperformed, up 0.4% as prices of crude, base metals and iron ore rose, buoying miners and oil stocks.

The biggest boost came from a 2.2% jump in consumer company Unilever after it raised its full-year sales forecast.

Upbeat outlook from Swiss chocolate maker Lindt & Spruengli saw its shares rise 3.3%.

Not all earnings were upbeat. Swiss bank UBS fell 5.7% on posting a smaller-than-expected rise in second-quarter net profit, while web-cams maker Logitech International lost 3.7% after reporting a 38% fall in first-quarter adjusted profit .

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