Calm has settled over European stock markets today, Tuesday, with a decline in shares of telecommunications companies, while Swiss stocks outperformed their regional counterparts following Novartis' increased profit forecasts. The Stoxx 600 index remained stable at 457.71 points by 07:11 GMT. The index had suffered a setback on Monday after shares of luxury goods company Richemont plummeted due to unexpectedly weak sales, alongside disappointing Chinese data.
Novartis' shares surged 2.7% today after the company raised its full-year profit forecasts and announced plans for its Sandoz unit for generic drugs in early Q4. This led the Swiss index to rise 0.3%, having previously topped losses in Europe on Monday. The Stoxx 600 index was affected by losses in telecommunications companies, with sector shares falling 0.9% after Tele2 AB's stock dropped nine percent following the announcement of its quarterly earnings. Meanwhile, shares of the Swedish bank fell 1.1% despite operating profits exceeding expectations in Q2.
