European shares commenced trading on a subdued note on Tuesday as investors navigated through a flood of corporate earnings reports from industry giants while awaiting key economic indicators, notably the euro zone’s inflation figures for April.
As of 0710 GMT, the continent-wide STOXX 600 stocks index remained flat, poised to record its first monthly decline in six consecutive months.
Market participants are closely monitoring the release of flash April inflation data and first-quarter GDP figures throughout the day to glean insights into the European Central Bank’s stance on interest rate adjustments beyond June.
Mercedes-Benz (OTC:MBGAF) shares declined by 2.7% after the automotive titan reported a 30% dip in first-quarter earnings, reaffirming its commitment to avoiding involvement in pricing wars.
Stellantis (NYSE:STLA) witnessed a 2.2% decrease following the Franco-Italian automaker’s significant drop in first-quarter revenue.
Conversely, Vonovia shares surged by 5% following the German real estate behemoth’s return to profitability in the first quarter.
HSBC shares experienced a 2.3% uptick subsequent to the bank’s quarterly earnings announcement, unveiling a share buyback initiative, and CEO Noel Quinn’s unexpected retirement announcement.
Logitech (NASDAQ:LOGI) witnessed a notable 6% surge after the Swiss-American computer peripheral manufacturer exceeded expectations with its full-year outlook and fourth-quarter financial results.