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European stocks weighed down by UBS' Archegos hit, BP surges

Published 04/27/2021, 03:17 PM
Updated 04/27/2021, 03:20 PM
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
April 27 (Reuters) - European stocks were little changed on
Tuesday following earnings from blue-chip companies such as HSBC
and BP , while UBS become the latest bank to disclose a hit from
dealing with U.S. investment firm Archegos.
The pan-European STOXX 600 index .STOXX slipped 0.01% by
0707 GMT, with gains in oil & gas stocks .SXEP offsetting
losses in financial services firms .SXFP .
UK's FTSE 100 .FTSE rose slightly as oil major BP BP.L
jumped 2.6% after its first-quarter profit soared due to
stronger oil prices and bumper revenue from natural gas trading.
Asia-focused lender HSBC HSBA.L gained 0.9% after it
reported an upbeat quarterly profit as successful vaccine
rollouts in key markets promised a brighter economic outlook.
However, UBS UBSG.S fell 3.5% as it took an unexpected
$774 million hit from Archegos, taking the shine off a
forecast-beating 14% rise in quarterly net profit. Danish freight forwarder DSV Panalpina DSV.CO jumped 7.7%
to the top of STOXX 600 after it agreed to buy the logistics
division of Kuwait's Agility Public Warehousing Co AGLT.KW in
a deal worth $4.1 billion.

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