By Ankika Biswas and Amruta Khandekar
(Reuters) – European stocks made slight gains on Tuesday, helped by some upbeat corporate earnings, although investors grew increasingly nervous that interest rates could stay higher for longer as they awaited comments from the chairman. of the Federal Reserve, Jerome Powell.
The pan-European index closed up 0.15%, at 457.84 points.
The energy index was the sector’s best performer, up 3%, boosted by an 8% jump in BP shares after the oil company posted record profit and increased its dividend.
The banking index rose 1.2% while the BNP Paribas (EPA:) gained 2.6% after raising its 2025 targets and posting upbeat revenue growth.
Losses in industrial stocks and consumer goods companies such as Nestlé and Unilever (LON:) capped the STOXX 600 high.
Fed Chair Jerome Powell’s comments, scheduled for 2:40 pm ET (1440 GMT) will follow a US jobs report from last week that sent policy makers including Atlanta Fed President Raphael Bostic and Fed Chair of Minneapolis, Neel Kashkari, to emphasize the need to keep interest rates higher for longer.
Such comments dealt a blow to hopes that the global rate hike cycle was nearing its end, buoyed by largely softer comments from the Fed and other central banks last week.
In LONDON, the Financial Times index advanced 0.36%, to 7,864.71 points.
In FRANKFURT, the index fell 0.16% to 15,320.88 points.
In PARIS, the index lost 0.07%, at 7,132.35 points.
In MILAN, the index appreciated by 0.36%, to 27,118.74 points.
In MADRID, the index increased by 0.14%, to 9,172.40 points.
In LISBON, the index appreciated by 0.28%, to 5,923.57 points.