European stocks declined on Tuesday with attention still trained on the isolation of Russia from global financial markets after its invasion of Ukraine.
The Stoxx Europe 600
SXXP,
-1.08%,
which ended just 0.1% lower on Monday despite heavier losses early in the day, declined 0.4%.
The German DAX
DAX,
-1.94%
dropped 0.9% and the French CAC 40
PX1,
-1.68%
fell 0.8%, while the U.K. FTSE 100
UKX,
-0.27%
rose 0.1%, as metals producers advanced.
Heavy fighting continued in Ukraine, with the country’s second-largest city Kharkiv bombarded. The Central Bank of Russia kept the local stock market closed for a second day after the U.S. barred transactions with it. The central bank on Monday lifted interest rates to 20% from 9.5%.
Rheinmetall
RHM,
+5.31%
rose for a second day, gaining 5%, after Germany said it would spend €100 billion to boost its armed forces.
Traders also eyed the latest set of corporate results. HelloFresh
HFG,
-7.43%,
the mealkit preparation company, dropped 8% after missing forecasts on adjusted earnings before interest, tax, depreciation and amortization.
Covestro
1COV,
+3.24%
jumped 4% as the chemicals company said it would make the highest payout in company history and authorized a €500 million stock buyback.
Flutter Entertainment
FLTR,
-11.85%
dropped 9% after booking a £543 million charge and saying revenue growth slowed to 2% in the first seven weeks of 2022. It still expects its FanDuel unit to be profitable in the U.S. in 2023.