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European Stocks Close in Green Recovering From Sharp Selloff

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Last updated: 07/20/2021 12:42:38

12:42 PM EDT, 07/20/2021 (MT Newswires) -- European stocks closed higher on Tuesday as markets recovered from the sharp selloff the day before.

The Stoxx Europe 600, the German Dax and the FTSE 100 in the UK were up 0.5%, the French CAC climbed 0.8%, the Swiss Market Index was up 0.1%.

The UK Government proposed endowing the Digital Markets Unit with powers to suspend, block and reverse decisions by large tech companies in order to level the playing field for small startups. As part of the proposal, the agency under the UK's Competition and Markets Authority will be given the power to designate tech companies that hold substantial market power and to require them to follow rules of acceptable behavior with competitors and consumers. It will also be able to modify or block decisions by tech giants and issue fines for serious breaches.

The Chinese government rejected accusations by the European Union, the UK, and the US that it was behind the hacking of Microsoft Exchange servers across the world earlier in the year, Bloomberg reported, citing Foreign Ministry Spokesman Zhao Lijian. Zhao said the US ganged up with its allies to launch an unwarranted accusation against China on cybersecurity, adding that it was purely a smear and suppression out of political motives.

Eurozone banks' credit standards for loans or credit lines to companies remained broadly unchanged in the second quarter following a moderate tightening in the first three months, the latest European Central Bank survey on lending showed. The survey also indicated that credit standards for loans to households also remained the same in the second quarter after a significant tightening in 2020.

The EU's Luxembourg-based General Court is set to announce a decision on Google's challenge against a 2.4 billion-euro ($2.83 billion) antitrust fine on Nov. 10, Reuters reported, citing unnamed sources. The European Commission imposed the fine in 2017 after the internet search engine favored its own price-comparison shopping service, giving it an unfair advantage against smaller European rivals.

On the corporate front, UBS (UBSG.SW) was up 5% after it reported significant growth in first-half business across all areas with the help of favorable market conditions and improved investor sentiment, as well as continued strong client activity. First-half profit jumped 35% year over year thanks to continued momentum inflows and volume growth. The Swiss bank's interim attributable net profit grew to $3.83 billion from $2.83 billion, while EPS climbed to $1.04 from $0.76. Net interest income rose to $3.24 billion from $2.72 billion during the reporting period.

UBS also confirmed it is launching a new, permanent hybrid model that will allow most employees to work partly from home, Bloomberg News reported, citing Chief Executive Ralph Hamers. About two-thirds to 75% of the Swiss lender's staff will be able to work part of their time remotely, while traders could be required to work from the office due to the nature of their job, Hamers said.

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