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European stocks struggle as miners lead declines

Published 10/27/2020, 04:37 PM
Updated 10/27/2020, 04:40 PM
© Reuters.
UK100
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DE40
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HSBA
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BP
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CAPP
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STOXX
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SXAP
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SXPP
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Oct 27 (Reuters) - European stocks slipped on Tuesday after
sharp declines in the previous session, as weakness in miners
and automakers offset upbeat results from UK blue-chip companies
HSBC and BP .
The pan-European STOXX 600 index .STOXX slipped 0.1% by
0820 GMT after closing at a one-month low on Monday, while the
German DAX .GDAXI was down 0.2% after hitting a four-month
low.
UK's FTSE 100 .FTSE was boosted by a 5.6% jump in Europe's
biggest bank HSBC HSBA.L after the lender signalled a
pandemic-induced overhaul of its business model, accelerating
plans to shrink in size and slash costs. BP BP.L rose 1.6% as it swung back to a small profit in
the third quarter. Among euro zone companies, French consulting and IT services
provider Capgemini CAPP.PA jumped 5.7% after it confirmed its
full-year targets. But miners .SXPP and automakers .SXAP fell more than 1%,
dragging markets lower. Data showed profits at China's
industrial firms rose at a slower pace in September, hurt by
factory-gate deflation and rising raw materials costs.

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