European Stocks Close Around the Flatline
Both the STOXX 50 and the STOXX 600 ended little changed in a choppy session on Tuesday, with investors awaiting further developments in the ongoing trade talks between the US and China, which entered a second day.
While no major breakthroughs were reported after the first round of discussions, US officials expressed optimism about the negotiations. On the corporate front, shares of UBS were among the worst performers, falling almost 4.5%, as investors grew concerned about the potential impact of new government proposals requiring the Swiss bank to hold an additional $26 billion in capital.
Shares of other banks were also lower, namely Societe Generale (-2.4%), Banco Santander (-2.6%), and BNP Paribas (-2.8%). Meanwhile, Deutsche Telekom (-1.7%) and SAP (-0.6%) were in the read as well. In contrast, Novo Nordisk shares jumped 6% following an FT report that activist hedge fund Parvus Asset Management is building a stake in the company.
Source: Trading Economics
