European stocks weighed down by UBS' Archegos hit, BP surges

  • Reuters
  • Stock Market News
European stocks weighed down by UBS' Archegos hit, BP surges
Credit: © Reuters.

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April 27 (Reuters) - European stocks were little changed on Tuesday following earnings from blue-chip companies such as HSBC and BP , while UBS become the latest bank to disclose a hit from dealing with U.S. investment firm Archegos.

The pan-European STOXX 600 index .STOXX slipped 0.01% by 0707 GMT, with gains in oil & gas stocks .SXEP offsetting losses in financial services firms .SXFP .

UK's FTSE 100 .FTSE rose slightly as oil major BP BP.L jumped 2.6% after its first-quarter profit soared due to stronger oil prices and bumper revenue from natural gas trading. lender HSBC HSBA.L gained 0.9% after it reported an upbeat quarterly profit as successful vaccine rollouts in key markets promised a brighter economic outlook. UBS UBSG.S fell 3.5% as it took an unexpected $774 million hit from Archegos, taking the shine off a forecast-beating 14% rise in quarterly net profit. freight forwarder DSV Panalpina DSV.CO jumped 7.7% to the top of STOXX 600 after it agreed to buy the logistics division of Kuwait's Agility Public Warehousing Co AGLT.KW in a deal worth $4.1 billion.

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