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European shares gain on higher commodity prices; HSBC weighs

Published 02/23/2021, 04:22 PM
Updated 02/23/2021, 04:30 PM
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Feb 23 (Reuters) - European shares rose on Tuesday as strong
commodity prices helped outweigh mixed corporate earnings
updates, while British bank HSBC fell after it abandoned its
long-term profitability targets.
HSBC Holdings HSBA.L dropped 1.3% after its annual profits
fell sharply due to the COVID-19 pandemic, while it unveiled a
revised strategy focused mainly on wealth management in Asia.
The benchmark euro zone stock index .STOXX gained 0.1%,
with energy .SXEP and travel stocks .SXTP gaining the most.
Investors await the testimony of the U.S. Federal Reserve
Chair Jerome Powell later in the day where most analysts expect
Powell to reiterate the Fed's commitment to maintain a dovish
German healthcare group Fresenius FREG.DE fell 1.3% after
it narrowed down its 2021 sales growth forecast and said it
would launch a cost-cutting program, while cement-maker
HeidelbergCement HEIG.DE dropped 1.2% even after preliminary
results showed core profit was up 6% last

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