European shares gain on higher commodity prices; HSBC weighs

  • Reuters
  • Stock Market News
European shares gain on higher commodity prices; HSBC weighs

(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.

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