European bourses were mostly down as investors focus on Catalonia crisis and earnings season

European shares

Most of the bourses in Europe settled on the red zone on Tuesday. The market is currently keeping a closer look on the constitutional crisis happening in Spain and the freshly released earnings from corporate companies.

The central government in Spain recently took a groundbreaking step on firing Catalonia’s government last Saturday. This is an effort to prevent the uncontrollable push of the region for independence. Leaders from the Catalan separatist called for a civil disobedience as a result.

The reaction of the Spanish market was positive as the IBEX settled as high as 0.4 percent, recovering from all the previous declines. However, the European stocks benchmark Stoxx 600 index didn’t do well on the day as it temporarily fell more than 0.36 percent with most of its stocks in the red zone. Travel and leisure and healthcare stocks were the leading decliners in the nation as they were 1 percent lower on Tuesday’s closing bell.

Italian oil and gas industry contractor Saipem said on the same day that it came back to profit as it recently released a net profit worth more than 53 million euros in Q3. According to a Reuters report, the company’s chief executive Stefano Cao said the future of the market is still challenged. This resulted in their shares to close 10 percent higher.

British-based restaurant and coffee shop company Whitbread released a better than expected surge in their profit. It rose more than 6.7 percent after the firm opened extra Costa coffee outlets and added additional Premier Inn rooms. However, their stocks closed 5 percent lower.

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