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European Markets Close Lower as Tech and Bank Stocks Slide; HSBC Down 5%

Spencer Platt | Getty Images
  • Shares of UBS finished flat after the Swiss bank's latest earnings beat expectations for the first quarter.
  • Meanwhile, HSBC stock fell 5% after the bank reported a 27% fall in quarterly profit on Tuesday, as revenues decreased and growth slowed in Hong Kong.

LONDON — European stocks closed lower on Tuesday, taking cues from Wall Street, as market sentiment continues to be rattled by interest rates, inflation, slowing growth and the war in Ukraine.

The pan-European Stoxx 600 index closed down 0.8% after being higher for much of the session. Banks, tech and autos were the laggards across the region.

Shares of UBS finished flat after the Swiss bank's latest earnings beat expectations for the first quarter. Meanwhile, HSBC stock fell 5% after the bank reported a 27% fall in quarterly profit on Tuesday, as revenues decreased and growth slowed in Hong Kong.

Shares of AB Foods were down 5% after the Primark owner said it would raise prices to cope with severe inflationary pressures. Novartis saw its share price rise 0.3% after the Swiss drugmaker reported a slight increase in first-quarter core operating income.

European stocks closed sharply lower on Monday as concerns over a resurgence of Covid cases in China overshadowed the reelection of French President Emmanuel Macron.

In the U.S., stocks fell Tuesday as global slowdown worries mounted, continuing the April sell-off.

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— CNBC's Weizhen Tan and Tanaya Macheel contributed to this market report.

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