Key European stock indexes are mixed

Key European stock indexes are mixed

On Tuesday, European markets were mixed, while market participants closely watched major political as well as economic events, and crude prices were held near multi-year maximums.

The European index Stoxx 600 stood still during the morning trade, with most sectors and also major exchanges pointing in opposite directions.

On Tuesday, the telecommunications sector in Europe turned out to be the number one loser, losing over 1% on news of earnings.

The French telecommunications company, Iliad dropped to the bottom of the index having reported revenue that was lost. The company's shares headed south 16% during the morning deals, hitting the lowest value since late 2013, having reported mediocre performance in its fixed-line business in the first quarter.

Meanwhile, Vodafone appeared to be the worst sectorial performer after the world's second-largest cellular operator informed that its CEO should step down in October. Vittorio Colao is going to be replaced by Nick Reed, who has acted as the CFO of the company since 2014. The company's stocks went down 2.5% on news.

Meanwhile, Europe's banking sector traded higher right after Raiffeisen Bank, Commerzbank and Credit Agricole uncovered their latest reports. All three lenders traded with a leap of more than 1.5% on a background of profits, which beat the anticipated outcome in the first three months of this year.

In Asia, shares went down, while market participants expected the outcome of the second round of trade negotiations between the US and China this week. As a matter of fact, the largest MSCI index in the Asia-Pacific region, excluding Japan, inched down 0.65% on Tuesday.

Meanwhile, crude prices have extended recent revenue after OPEC reported that the global crude surplus vanished. Crude futures remained close to the maximums that weren’t seen since the end of 2014 amid tensions in the Middle East as well as uncertainty about the supplies from Iran.

 

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