Europe open: Stocks slip but UBS shines

30th Oct 2024 07:22

(Sharecast News) - European stocks are under pressure again at the start of the next-to-last session until month's end.

That follows mixed earnings reports out of US tech heavyweights Alphabet and AMD overnight and the similarly mixed performance put in by Asian indices.

As of 0821 BST the pan-European Stoxx 600 was trading lower by 0.57% to 515.06, whilst the French cac-40 and Italian FTSE Mib were both down by over 0.8%.

The euro and Brent crude futures were trading modestly higher but the yield on the benchmark 10-year Bund was off by three basis points at 2.303%.

In the spotlight for Wednesday, at 1230 GMT the UK Chancellor was expected to unveil £35bn of new taxes, albeit a change in the debt rule that MUFG analysts say will allow for long-term investment that will ultimately

boost the supply side of the economy.

Also due out is a preliminary reading for German consumer prices in October and third quarter euro area GDP growth.

On the company side of things, Swiss investment bank UBS's shares were jumping 3% after posting quarterly income of $1.4bn that nearly doubled the consensus view.