(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
Feb 23 (Reuters) - European shares rose on Tuesday as strong commodity prices helped outweigh mixed corporate earnings updates, while British bank HSBC fell after it abandoned its long-term profitability targets.
HSBC Holdings HSBA.L dropped 1.3% after its annual profits fell sharply due to the COVID-19 pandemic, while it unveiled a revised strategy focused mainly on wealth management in Asia. benchmark euro zone stock index .STOXX gained 0.1%, with energy .SXEP and travel stocks .SXTP gaining the most.
Investors await the testimony of the U.S. Federal Reserve Chair Jerome Powell later in the day where most analysts expect Powell to reiterate the Fed's commitment to maintain a dovish policy.
German healthcare group Fresenius FREG.DE fell 1.3% after it narrowed down its 2021 sales growth forecast and said it would launch a cost-cutting program, while cement-maker HeidelbergCement HEIG.DE dropped 1.2% even after preliminary results showed core profit was up 6% last year.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.