European Stocks Stable After Announcing Results of The Business of Leading Companies

European stocks were largely unchanged on Tuesday after the results of blue-chip companies such as HSBC and BP were announced, while UBS became the latest bank to disclose its damage from dealing with US investment firm Archigus.

The pan-European STOXX 600 index fell 0.01%, as gains in oil and gas stocks offset losses in financial services companies.

The British Financial Times 100 index achieved a slight increase, as the share of the major oil company BP jumped 2.6% after its first-quarter profits rose significantly due to high oil prices and large revenues from natural gas transactions.

Asia-focused HSBC Bank 0.9 provided the vaccine distribution in its major markets on a brighter economic outlook.

But UBS shares fell 3.5%, affected by an unexpected loss of $774 million from Archigus, which gave the shine of quarterly net profits that exceeded expectations for a 14% rise.