European stocks await trading assessments and corporate earnings reports
European stocks closed mixed on Thursday, January 28, as traders focused on earnings reports from some of the continent's largest companies.
The pan-European STOXX 600 index fell 0.2% by the end of the session.
Germany's DAX index dropped 2.13%, weighed down by a 16% decline in shares of German software company SAP.
France's CAC 40 rose 0.06%.
Britain's FTSE 100 gained 0.17%.
The basic resources sector led the gains, rising 3.2%, while European bank stocks climbed 0.6% and financial services shares rose 1.4%. Shares of Swiss engineering firm ABB jumped 8.46% after it announced a record 36% increase in orders to $10.32 billion in the fourth quarter.
European Banks' Results
Deutsche Bank posted a net profit of €1.3 billion, exceeding analysts' estimates, despite German authorities raiding its offices in Berlin and Frankfurt as part of a money laundering investigation. Its shares fell 1.9%. ING Bank also posted a net profit of €1.4 billion, surpassing expectations, but its shares declined 1.1%. Swedbank shares fell 0.3% and SEB shares dropped 6.6% after both companies missed their profit targets.
