Friday, May 7, 2021

European stocks close lower on Covid alert, U.S. upgrade; Logitech hops 16%

European stocks shut generally lower on Tuesday, as worries about the Covid in Europe, and a cutoff time for U.S. financial improvement to be concurred, burdened market slant.

The skillet European Stoxx 600 shut somewhere near 0.2% temporarily, paring prior misfortunes, with Germany’s DAX and France’s CAC shedding 0.9% and 0.3% separately, while the U.K’s. FTSE 100 was barely higher. Regarding areas, tech stocks drove the misfortunes, down 1%, while banks climbed 0.9%.

The course of the coronavirus pandemic is at the forefront of investors’ minds as the number of daily new infections reached a record high in Europe Monday. Investors are also keeping an eye on U.S. politics. U.S. stocks climbed early on Tuesday ahead of a deadline for a new fiscal stimulus deal from Washington.

It comes after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin “continued to narrow their differences” in a Monday afternoon phone call to discuss another stimulus package, according toPelosi’s spokesman Drew Hammill. The speaker said that Tuesday is the deadline to reach an agreement before the Nov. 3 election.

Looking at individual stocks, UBS reported a net income of $2.1 billion for the third quarter on Tuesday, up 99% from the same period last year. Analysts had forecast reported net income of $1.5 billion for the quarter, according to data from Refinitiv Eikon. Shares of the world’s largest wealth manager rose almost 3% on the news.

Sticking with Swiss companies, Logitech surged to the top of the European benchmark during Tuesday’s trade. The computer equipment maker reported a 75% jump in second-quarter sales, citing a boost in demand as many people adapt to working from home amid the pandemic. Shares of Logitech jumped almost 16%.

Meanwhile, rail booking app Trainline fell nearly 13% after announcing that CEO Clare Gilmartin will step down at the end of February 2021.

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