FX.co ★ European Stocks Waver

On Tuesday, European stocks were unable to maintain their initial gains, with both the STOXX 50 and STOXX 600 indices stabilizing around the breakeven point following modest improvements in the prior session. Sector-wise, consumer discretionary and travel and leisure stocks applied downward pressure on the indices, although defense stocks experienced positive momentum. Notably, shares of SAP fell by 1.5%, LVMH by 0.7%, Hermès by 0.5%, and HSBC Holdings by 0.3%. Beazley saw a nearly 10% decline, marking the most significant drop on the STOXX 600, after revising its written premium forecast downward. In contrast, ABN AMRO experienced an upwards surge of over 4% following its announcement to eliminate 5,200 positions by 2028 as part of a strategy to streamline processes and reduce expenditures. Additionally, Kingfisher rose by 4.8%, ranking it among the top performers on the STOXX 600, after increasing its profit projections for the full year. At the same time, market participants were monitoring developments in Ukraine, where the leaders of the “coalition of the willing” were set to convene today to deliberate potential peace negotiations.