European shares subdued as energy counters gains in financials
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 2, 2023. REUTERS/Staff/File Photo WOSG +8.09% Add to/Remove from Watchlist Add to Watchlist Add Position Position added successfully to:
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(Reuters) - European shares were subdued on Tuesday as a drag in energy stocks offset gains in financials, while Watches of Switzerland jumped to a more than one-month high following a strong second-quarter update.
The pan-European STOXX 600 was flat by 0815 GMT, having snapped a five-day gaining streak on Monday.
It had climbed more than 3% last week amid robust earnings and signs of an end to rate hikes by major central banks.
Energy stocks led sectoral declines with a 1.2% fall, tracking a more than 1% drop in crude oil prices.
Watches of Switzerland soared 12.2% to the top of the STOXX 600 as it expects to more than double its annual profit by 2028.
UBS Group posted a $785 million loss in the third quarter, while signalling that its core wealth business is stabilising. The stock was up 4.3%, aiding a 1% rise in the financial services sector index.
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