(Reuters) – European shares rose on Tuesday as strong commodity prices helped surpass mixed corporate earnings updates, while British bank HSBC collapsed after dropping its long-term profit targets.
HSBC Holdings fell 1.3% after its annual profits plummeted due to the COVID-19 pandemic, while reflecting a revised strategy focused specifically on wealth management in Asia .
The euro zone stock index gained 0.1%, with energy and travel stocks receiving the most.
Investors are awaiting the testimony of U.S. Federal Reserve Chairman Jerome Powell later in the day where most analysts expect Powell to reiterate the Fed’s commitment to a dovish policy. keep up.
German healthcare group Fresenius fell 1.3% after lowering its 2021 sales growth forecast and said it would launch a cost-cutting program, while cement maker HeidelbergCement fell 1.2% even after initial results showed underlying profit was up 6% last year.
Reporting by Shashank Nayar in Bengaluru; edited by Uttaresh.V