European Stocks Wobble Amid Mixed Earnings Reports

Europe's main stock index fell on Tuesday due to weak quarterly results from major companies like BP, Novartis, and Santander. The STOXX 600 index closed 0.6% lower, weighed down by disappointing performances in the energy, healthcare, and travel sectors. Investors remain cautious ahead of upcoming economic data releases.

Europe's primary stock index, the STOXX 600, saw a decline on Tuesday, dropping by 0.6% as it was hit by a series of disappointing quarterly results from industry leaders including BP, Novartis, and Santander. The index had earlier climbed to a one-week high during intraday trading but failed to maintain momentum.

BP faced a significant setback, with its shares plummeting 5% to July 2022 lows following a sharp fall in third-quarter profits, the lowest in nearly four years, causing the energy sector index to slip by 1.2%. Meanwhile, Novartis saw a 4% drop as disappointing sales figures for a key radiopharmaceutical overshadowed an improved earnings forecast for 2024.

The market's attention is now turning towards an array of economic data due later this week, including GDP and inflation figures from both the eurozone and the U.S. The cautious mood was exacerbated by a growth forecast downgrade for Germany's economy and looming uncertainties surrounding the U.S. election.

(With inputs from agencies.)