European stocks calm, telecommunication shares down ‎

Calm prevailed in European stock markets today, Tuesday, with a decline in shares of telecom companies, while Swiss stocks outperformed their regional peers after raising the profit expectations of Novartis Pharmaceuticals.

According to “Reuters”, the European Stoxx 600 index settled at 457.71 points by 0711 GMT.

The index took a hit on Monday after shares of luxury goods company Richemont tumbled on unexpectedly weak sales, as well as on weak Chinese data.

Novartis shares jumped 2.7% on Tuesday after the company raised its full-year profit forecast and announced plans for its generic drug unit Sandoz in early fourth quarter.

This pushed the Swiss index to rise 0.3%, after it issued losses in Europe on Monday

The Stoxx 600 index was affected by the losses of telecommunications companies, as the sector’s shares fell 0.9% after Tele2AP’s share plunged 9% after the quarterly earnings data was announced.

Meanwhile, the Swedish bank fell 1.1%, although operating profit beat expectations in the second quarter.