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European stocks edge lower as virus worries dampen earnings boost

Credit: REUTERS/STAFF

European stocks slipped on Tuesday as tighter coronavirus curbs across the continent and doubts over fresh U.S. stimulus ahead of the presidential election curbed optimism from strong earnings from Swiss bank UBS and others.

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Oct 20 (Reuters) - European stocks slipped on Tuesday as tighter coronavirus curbs across the continent and doubts over fresh U.S. stimulus ahead of the presidential election curbed optimism from strong earnings from Swiss bank UBS and others.

The pan-European STOXX 600 .STOXX was down 0.1% by 0708 GMT, tracking weakness in Asian markets.MKTS/GLOB

Ireland announced some of Europe's toughest COVID-19 constraints on Monday, while Italy, Spain and Britain also imposed curbs to limit the spread of the virus, raising concerns about the potential economic impact.

European stock markets run by Euronext ENX.PA resumed normal trading as the exchange operator aimed to restore full services after it was plagued by technical glitches the previous day.

France's CAC 40 .FCHI was nearly flat in early deals, after trading was halted on Monday.

Earnings reports were a bright spot. UBS UBSG.S rose 2.1% as it posted a 99% jump in quarterly profit on heavy turnover in global markets.

Swedish bank Swedbank SWEDa.ST gained 0.9% as it reported a bigger-than-expected rise in quarterly net profit, with help from the strong stock market and net commission income.

Computer peripherals maker Logitech International LOGN.S surged 15.8% after the company raised its full-year forecast.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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