FX.co ★ European Stocks Move Lower

European stocks saw a shift in momentum, turning from early-day gains to losses by Tuesday's close. Notably, the STOXX 50 lost 0.4% and the STOXX 600 decreased by 0.3%. Investors were primarily focused on corporate earnings, while also remaining vigilant regarding trade tensions, especially those involving the US and several Asian countries. In political news, Friedrich Merz encountered a setback by not securing the position of German Chancellor in the initial round of parliamentary voting.

In the earnings realm, Continental's shares increased by approximately 1.5%, buoyed by the company's highest sales figures in four years. Vestas similarly experienced a 1.9% rise after reporting a return to profit in Q1. Hugo Boss shares surged by almost 6% following a revenue surge. Conversely, Philips experienced a 1.6% decline due to a reduction in its profitability outlook, while Covestro's shares remained largely unchanged after it revised its full-year earnings forecast downward. Additionally, Deliveroo shares rose by 2.2% after news of its acquisition by DoorDash for nearly £2.9 billion. BP's shares increased by 1.1%, driven by reports that Shell is evaluating a potential acquisition of its competitor.