European stocks stabilize… financial services sector gains erase ‎energy sector losses

European stocks witnessed stability in early trading on Tuesday, as gains in the financial services sector erased the impact of a decline in energy stocks, while Watches of Switzerland shares jumped to the highest level in more than a month after strong results.‎

According to Reuters, by 0815 GMT, the European STOXX 600 index saw little change after it ended a 5-day winning streak on Monday.

The index rose by more than three percent last week amid strong business results and indicators from major central banks of the end of raising interest rates.

Shares of energy companies led sector losses and fell 1.2%, tracking the impact of crude oil prices, which fell by more than one percent.

Watches of Switzerland shares jumped 12.2% to the top of the STOXX 600 index, supported by expectations that its annual profits will more than double by 2028.

The UBS Group incurred a loss of $785 million in the third quarter, but indicated the stability of its core wealth management business. Its shares rose 4.3 percent, which supported the rise of the financial services sector index by 1 percent.