earnings; Fed’s Powell addresses Congress
Looking across the benchmark, shares of Schibsted rose almost 12 percent, leading the gains in Europe, after reporting an all-time high in earnings and 7 percent above Reuters consensus. Thyssenkrupp also jumped nearly 10 percent following news the chairman resigned after the company’s CEO left last week due to shareholder pressure. At the other end, Husqvarna dropped almost 18 percent on disappointing results. The company lowered its operating margin targets for this year.
On Wall Street, technology stocks fell, led by Netflix and Amazon, dragging the broader market lower as more corporations released their latest quarterly results.
Fed Chairman Jerome Powell is speaking to lawmakers about the Fed’s monetary policy. His testimony comes at a time when investors are paying special attention to the yield curve — which compares long and short-term interest rates — as this indicator has previously anticipated economic recessions. Minneapolis Federal Reserve Bank President Neel Kashkari said Monday that the U.S. central bank should take a break from hiking rates, because of how the yield curve is moving.
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Goldman Sachs posted earnings that were above expectations on Tuesday. The investment bank also confirmed that David Solomon was to takeover from incumbent CEO Lloyd Blankfein when the veteran banker steps down later this year.
In terms of data, unemployment numbers in the U.K. came in at 4.2 percent on Tuesday, its lowest level since 1975.