Europe open: Shares steady after Monday's sell-off
By Frank Prenesti
Date: Tuesday 25 Jan 2022
(Sharecast News) - European shares were back in the green on Tuesday at the open on the back of a firmer Wall Street and despite increased tensions over Ukraine.
The pan-European Stoxx 600 was up 0.6% in early deals. Monday's 3.8% slump was the worst since June 2020 as a military build-up on Ukraine's border with Russia saw investors dump equities.
In equity news, computer peripherals-maker Logitech International jumped 7% after raising its earnings forecast for the current fiscal year.
Watchmaker Swatch Group climbed 2.7% as it forecast double-digit sales growth in local currencies this year.
Ericsson topped the Stoxx with a 7.6% gain as it reported better-than-expected fourth-quarter earnings, helped by higher sales of telecoms gear with more countries rolling out 5G networks.
Royal Mail shares gained as the British postal carrier reported a smaller-than-expected fall in parcel volumes over Christmas, and despite lowering annual profits guidance as it announced 700 managerial job cuts.
At the bottom of the index, Danish IT consultancy Netcompany fell more than 6% after its interim full-year earnings report.
Credit Suisse slipped 0.3% after the scandal-hit bank issued a profits warning as it flagged fresh legal costs and said business in its trading and wealth management divisions had slowed.
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