European stocks firm, BP leads energy sector gains

European stocks witnessed stability during trading on Tuesday, at a time when the prospects for the continuation of the cycle of raising interest rates around the world continue to undermine sentiment, while the oil giant BP led the energy sector to rise.

According to “Reuters”, the Stoxx 600 index of European stocks settled by 0815 GMT, after recording on Monday the largest daily decline in three weeks due to concerns related to raising interest rates.

The energy index rose 1.5 percent and was the best performer among sector indices, supported by a 3.4 percent rise in BP share after the company recorded record profits of $27.6 billion in 2022 and an increase in dividends by ten percent.

Meanwhile, Airbus shares fell 1.6 percent after Berenberg downgraded the aerospace and defense company’s stock to “sell.”

Nordic Semiconductor fell 17.5 percent and was the top loser on the STOXX 600 after it missed its fourth-quarter earnings estimates, followed by Osram Benz, down 15 percent after the sensor maker reported a weak outlook for the first quarter and suspended its cash dividend in 2022.