Major European bourses declined on Tuesday, with both the STOXX 50 and the STOXX 600 slipping 0.2%, as uncertainty over tariffs continued to weigh on investor sentiment. The looming August 1st deadline for the US to begin imposing a 30% tariff on EU imports is approaching, and no agreement has been reached so far.
Meanwhile, traders remained focused on corporate earnings. Chemicals were among the worst performers after Akzo Noble tumbled more than 3% as the company lowered its core profit outlook for this year. ASML Holding was also down 1.5%, Schneider Electric fell 0.8% and Siemens Energy declined 1.2%.
On the other hand, SAP shares rose nearly 0.4% ahead of the release of its results. Norsk Hydro gained close to 2% after the aluminum producer reported stronger-than-expected second-quarter earnings and cash flow. Julius Baer edged up 0.4%, despite posting a sharp drop in profit due to a one-off charge from the sale of its Brazilian subsidiary and increased loan provisions.
Source: Trading Economics
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