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European stocks edge lower as virus worries dampen earnings boost

Published 10/20/2020, 03:23 PM
Updated 10/20/2020, 03:30 PM
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Oct 20 (Reuters) - European stocks slipped on Tuesday as
tighter coronavirus curbs across the continent and doubts over
fresh U.S. stimulus ahead of the presidential election curbed
optimism from strong earnings from Swiss bank UBS and others.
The pan-European STOXX 600 .STOXX was down 0.1% by 0708
GMT, tracking weakness in Asian markets. MKTS/GLOB
Ireland announced some of Europe's toughest COVID-19
constraints on Monday, while Italy, Spain and Britain also
imposed curbs to limit the spread of the virus, raising concerns
about the potential economic impact.
European stock markets run by Euronext ENX.PA resumed
normal trading as the exchange operator aimed to restore full
services after it was plagued by technical glitches the previous
day. France's CAC 40 .FCHI was nearly flat in early deals,
after trading was halted on Monday.
Earnings reports were a bright spot. UBS UBSG.S rose 2.1%
as it posted a 99% jump in quarterly profit on heavy turnover in
global markets. Swedish bank Swedbank SWEDa.ST gained 0.9% as it reported
a bigger-than-expected rise in quarterly net profit, with help
from the strong stock market and net commission income.
Computer peripherals maker Logitech International LOGN.S
surged 15.8% after the company raised its full-year
forecast.

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