European stocks to open lower as UAE OPEC exit complicates oil supply outlook
European stocks are set to open lower as the UAE's exit from OPEC raises concerns about oil supply. UBS and Santander reported strong earnings, while Deutsche Bank faced challenges with a higher-than-expected credit loss provision. Adidas also saw significant growth in its first-quarter earnings, reflecting a positive trend in the consumer sector.
- ▪UBS reported a $3 billion net profit in the first quarter, exceeding forecasts and boosting its shares by 3.6%.
- ▪Deutsche Bank's post-tax profit reached 2.17 billion euros, but it also announced a 519 million credit loss provision.
- ▪Santander's underlying profit of 3.56 billion euros beat expectations and marked a 12% increase year-on-year.
- ▪Adidas shares rose 8.9% after reporting a 14% increase in sales and a 16% jump in operating profit.
- ▪The UAE's exit from OPEC complicates the global oil supply outlook, particularly affecting production coordination in the Middle East.
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It was a busy morning for earnings in the regional banking sector. UBS gained 3.6% after reporting a $3 billion net profit in the first quarter, outflanking consensus forecasts. The Swiss banking giant generated strong performance across its capital markets business, as its asset management unit attracted net asset inflows.Deutsche Bank shares were 1.9% lower after it reported a record post-tax profit of 2.17 billion euros for the first quarter, up 8% on the year, and ahead analyst estimates of 2.01 billion euros.
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