
European markets closed mixed on Tuesday as investors awaited Nvidia’s earnings report and signals from central bankers gathering in Jackson Hole, Wyoming.
Frankfurt’s DAX rose 0.61% after Germany revised second-quarter growth upward. London’s FTSE 100 gained 0.29%, while Milan’s FTSE MIB added 0.34%. Paris’ CAC 40 slipped 0.16%. Brussels’ Bel20 hit a new intraday high of 5,837.52 points before settling slightly below its previous record.
Melexis led gains in Brussels, climbing 1.96% to €65.05 after securing a direct supply deal with Chinese automaker BYD for sensors and drivers. Elia advanced 0.63% to €127 as it prepares to begin construction on the Ventilus project, a transmission line for offshore wind power, on Sept. 14. Syensqo fell 2.22% to €79.45 despite Kepler Cheuvreux raising its price target to €66. Banqup dropped 8.21% to €1.90 after reporting a first-half revenue increase to €26.5 million but a narrowed net loss of €18.3 million.
In Madrid, the Ibex 35 erased early gains, closing down 0.21% at 20,056.60 points. Banking stocks weighed on the index, with BBVA falling 1.52%, Bankinter 1.03%, Santander 0.96%, Sabadell 0.59%, CaixaBank 0.45%, and Unicaja 0.39%.
Oil prices declined, with Brent crude dipping below $90 a barrel from $95 the prior week. The 10-year U.S. Treasury yield fell to 4.65%, while Germany’s 10-year bund yield dropped below 3.25% and Spain’s 10-year bond yield eased toward 3.65%.
U.S. retail stocks faced pressure after Foot Locker’s parent company warned of cautious consumer spending, sending its shares lower. Dick’s Sporting Goods also slid after reporting that shoppers remained hesitant amid geopolitical uncertainty. Target shares fell 5% following backlash over Halloween costumes .
Shein, once valued at $100 billion, is nearing a Hong Kong IPO at a quarter of its peak valuation, targeting $1.7 billion to $1.8 billion in proceeds for a market capitalization of $25.7 billion to $26.8 billion. The fast-fashion giant has faced regulatory scrutiny in the U.S. and EU, and its tax loophole advantages have diminished. Donald Tang, a former Bear Stearns investment banker, resigned as executive chairman earlier this year after leading the IPO push.
Nvidia is set to release its quarterly earnings on Wednesday, with investors closely watching the results as a barometer for AI demand. The chipmaker’s report will follow a period of heightened skepticism, according to Handelsblatt columnist Michael Maisch .
Federal Reserve Chair Kevin Warsh is scheduled to speak at the Jackson Hole symposium on Friday, with investors seeking clues on U.S. monetary policy ahead of the Fed’s Sept. 16 meeting.
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