Europe close: Stocks end on a mixed note

23rd Jul 2024 17:07

(Sharecast News) - Stocks in Europe finished on a mixed note with French and UK issues underperforming after a bumpy start to the session on Wall Street.

Investors were continuing to eye the headlines around US vice-president Kamala Harris's decision to run for office and her chances of coming out on top.

They were also waiting on the quarterly results due out after the New York close from US heavyweights Alphabet and Tesla.

"The morning gains for Europe have mostly slipped away, and it has been an uncertain start on Wall Street too as investors hunker down and await earnings from Tesla and Alphabet," said IG chief market analyst Chris Beauchamp.

"However, yesterday's slump in the Vix has continued into today's session, suggesting that stocks could resume their gains should tonight's earnings beat expectations."

By the end of trading, the Stoxx 600 was up by 0.13% to 515.47, but the Cac-40 had slipped 0.31% to 7,598.63.

Germany's Dax on the other hand added 0.82% to 18,557.70.

The euro fell and was last at 1.0855, with crude oil futures and 10-year German government bond yields both lower.

According to analysts at Oxford Economics, among the things that investors were now watching on the US election front was how polls reacted to the announcement of Kamala Harris's presidential bid and who she chose as her running mate.

Shares of Porsche were down 3% after the iconic sportscar maker cut its guidance for the year on account of a lack of aluminium parts that might force it cut production.

The shortage was blamed on the impact of flooding at a key supplier.

Software maker SAP on the other hand reported a 10% jump in sales for the second quarter, whilst non-IFRS operating profits surged 33%.

Those results sent its shares 6% higher.