4/27/2021, 5:30 PM (Source: TeleTrader)
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Europe closes lower amid earnings season

European major stock markets closed lower on Tuesday as investors digested new earnings reports by big corporations. HSBC announced a 5% drop in its revenue before tax, while Novartis Swiss pharma company saw a decline in its net income. Markets were also assessing the financial results of American blue-chip firms, such as 3M and Eli Lilly.

Meanwhile, German Economy and Energy Minister Peter Altmaier promised that nations' economic growth would return to pre-pandemic levels sooner than expected, despite a GDP contraction. Chancellor Angela Merkel also expressed optimism that the worst part of the coronavirus pandemic is over.

The Dax lost 0.31% as Delivery Hero dropped by 1.99%. The FTSE 100 declined by 0.26% led by Aveva Group plunging 5.43%, while the CAC 40 remained flat at 0.03% below the flatline with L'Oreal sinking by 1.91%. The euro decreased by 0.08% against the dollar to exchange hands for $1.20768 at 5:28 pm CET. At the same time, the British pound gained 0.17% to sell for $1.29196.

Baha Breaking News (BBN) / LH