LONDON — European stocks were mixed on Thursday as investors continued to monitor geopolitical tensions in eastern Europe, while digesting a slew of corporate earnings reports.
The pan-European Stoxx 600 index hovered around the flatline in early trade, with autos adding 0.9% after strong industry figures from the European Automobile Manufacturers’ Association (ACEA), while oil and gas stocks fell 1%.
It was a busy morning for earnings in Europe, with Airbus, Nestle, Standard Chartered, Commerzbank, Orange, Reckitt Benckiser, Schneider Electric and Kering among those reporting.
Commerzbank posted a better-than-expected net profit in the fourth quarter despite undergoing a major strategic overhaul, and offered positive guidance for 2022. The German lender’s shares climbed 4.7% in early trade.
Dutch engineering firm Arcadis and French luxury goods company Kering gained 7% and 6%, respectively, after strong fourth-quarter earnings reports.
At the bottom of the European blue chip index, Swedish software firm Sinch tumbled 11% after its fourth-quarter results.
The U.S. on Wednesday accused Russia of adding 7,000 troops to the 150,000 already stationed at the Ukrainian border, branding as “false” the Kremlin’s claims that it had begun a partial withdrawal of its military presence.
European markets have been attuned to developments in Ukraine in recent days, selling off sharply on Monday as a Russian invasion appeared imminent. A meeting of NATO defense ministers in Brussels concludes on Thursday.
Global investors are also reacting to the latest meeting minutes from the U.S. Federal Reserve, published Wednesday, which showed officials set plans in motion to raise interest rates and unload the trillions of dollars of bonds on the central bank’s balance sheet.
Shares in Asia-Pacific were mixed overnight as investors monitored the geopolitical situation, while U.S. stock futures dipped slightly, with earnings and the Fed policy outlook also on the agenda.
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