ISSN: 2056-3736 (Online Version) | 2056-3728 (Print Version)


European stock markets struggled for direction on Tuesday, as companies such as Vodafone and Marks & Spencer declined after full-year earnings, while Credit Suisse advanced after a U.S. Department of Justice settlement.     

The Stoxx Europe 600 index rose 0.1% to 338.75, but swung between small gains and losses. Read: Euro-sceptics and extremists to dominate in Europe’s week ahead.

Helping push the benchmark higher, shares of Credit Suisse Group AG (CS) advanced 2.5% after the bank reached a settlement with U.S. authorities and admitted to aiding tax evasion. Analysts commented that the fine looked manageable and that the settlement removes an uncertainty that has been pushing the stock lower recently.

Also on the move higher, shares of Alfa Laval AB advanced 1.3% after the Swedish engineering group said it won an order for marine-exhaust-gas cleaning systems worth 75 million Swedish kronor ($11.35 million).

United Internet AG picked up 5.7% after the German software firm said first-quarter sales rose to a record level, representing almost 13% year-on-year growth.

On a more downbeat note, Vodafone Group PLC (VOD) declined 3.8% after the U.K. telecom giant said full-year adjusted operating profit fell 37% and revenue slipped 1.9%.

Marks & Spencer Group PLC dropped 3.3% after the U.K. retailer said pretax profit fell for the full year.

The Vodafone and M&S losses weighed on the U.K.’s FTSE 100 index , which traded 0.4% lower at 6,817.49.

In data news in the U.K., the Office for National Statistics said consumer prices grew by 1.8% in April year-on-year, up from inflation of 1.6% in March.

Elsewhere, Germany’s DAX 30 index slipped 0.1% to 9,654.05, while France’s CAC 40 index dropped 0.3% to 4,457.99.

By Sara Sjolin