European Shares See Cautious Gains Ahead Of Powell's Speech

European stocks were seeing modest gains in choppy trade on Tuesday, as growth worries lingered, and investors awaited a speech by Federal Reserve Chairman Jerome Powell later in the day for clues to any change in the U.S. central bank’s rhetoric.

The pan-European STOXX 600 was up 0.3 percent at 458.62 after declining 0.8 percent on Monday.

The German DAX and France’s CAC 40 were marginally higher, while the U.K.’s FTSE 100 rose 0.4 percent, led by gains in the energy sector.

Danish brewer Carlsberg fell 1.5 percent after it slipped to a net loss in FY22 and forecast organic profit growth in 2023 below last year’s level.

Switzerland’s Ams OSRAM plunged 17 percent. The company has decided to suspend its cash dividend policy for fiscal 2022 to focus on strengthening its business position in 2023.

Ambu soared 17 percent after the Danish medical device company reported strong first-quarter revenue results and maintained 2022/23 guidance.

Oil major BP Plc soared almost 4 percent after it posted a record annual profit, in line with increasing natural gas and oil sales from rising prices.

Peer Shell gained about 1 percent as oil extended gains from the previous session on worries about supply issues resulting from the shutdown of a significant export facility after a powerful earthquake in Turkey.

BNP Paribas added 1.3 percent. The French lender raised its 2025 targets and announced a 5 billion-euro share buyback program in 2023, despite posting a lower-than-expected profit in the fourth quarter.

German software provider TeamViewer soared 14 percent after it launched a share buyback and announced it is eyeing double digit growth in 2023.

Drug discovery and development firm Evotec SE fell 1.5 percent after its Supervisory Board appointed Laetitia Rouxel as new Chief Financial Officer and member of the Management Board effective 1 April 2023.

Siemens Energy declined 3.7 percent after its first-quarter net loss more than doubled.

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