European stocks lower, pressured by cautious expectations of ‎HSBC ‎

European stocks opened lower today, Tuesday, with the impact of cautious expectations from HSBC on the Stoxx 600 index, while the optimistic performance of Engie shares mitigated some losses after the French energy company announced large annual profits.

According to “Reuters”, the European Stoxx 600 index fell 0.2 percent in the first hour of trading.

Shares of HSBC, Europe’s largest bank, fell 1 percent amid its cautious outlook that prompted investors to ponder whether its benefit from high interest rates had already peaked despite a 92 percent jump in its quarterly profit. ..

Engsa shares rose 5 percent after announcing a large increase in profits for 2022 amid higher natural gas and electricity prices after the Russian invasion of Ukraine.

Engie stock supported the European utility sector index, rising 0.4 percent, making it the biggest gainer on Tuesday.

The interest rate-sensitive technology sector index fell 1.1 percent

European stocks witnessed a significant improvement in recent times, as the Stoxx 600 index rose more than nine percent, amid improved weather conditions, improved economic prospects, and China’s lifting of anti-Corona restrictions.

Smith & Nephew shares jumped 3.6 percent after the British medical device maker expected strong annual revenue growth.

Capgemini shares fell 0.4 percent after the French information technology consultancy group expected slower revenue growth for 2023.