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European stock markets, weighed down by Archegos’ blow to UBS, BP rises

Apr 27 (Reuters) – European stocks traded only slightly on Tuesday following the results of top-tier companies such as HSBC and BP, while UBS joined other banks in disclosing a shock from its dealings with US investment firm Archegos.

The pan-European STOXX 600 Index was down 0.01% by 0707 GMT, with gains in oil and gas stocks offsetting losses by financial services companies.

The UK’s FTSE 100 was slightly higher as oil company BP gained 2.6% after its first-quarter profit soared on rising oil prices and windfall revenues from the natural gas trade.

HSBC, a bank that focuses its activity in Asia, advanced 0.9% after posting an optimistic quarterly profit, as the success of the introduction of vaccines in key markets promised a brighter economic outlook.

However, UBS fell 3.5% as it suffered an unexpected setback of 774 million dollars by Archegos, which has detracted from a 14% increase in its quarterly net profit, which has beaten forecasts.

Danish freight forwarder DSV Panalpina rose 7.7% to the top of the STOXX 600 after agreeing to purchase the logistics division of Kuwaiti Agility Public Warehousing Co in a $ 4.1 billion deal.

(Information from Sruthi Shankar in Bengaluru; edited by Shounak Dasgupta; translated by Flora Gómez at the Gdansk newsroom)

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